Tatas, Texas Pacific Group, Istithmar and Goldman Sachs offer investments

New Delhi, December 12, 2006: The Board of the Company met yesterday evening to consider proposals for investment in the Company by various investors.

The Company has received proposals amounting to US Dollars 118 million. Proposals have been received from among others, Tata Investments Corporation Limited – USD 1.2 million, Ewart Investments Limited (an investment company of the Tata Group)- USD 16 million, Texas Pacific Group- USD 30 million, Istithmar PJSC – USD 25 million and Goldman Sachs – USD 5 million.

The Board has approved the proposals and recommended that these proposals be placed for Shareholder Approval at a meeting of the Shareholders proposed to be held on January 11, 2007. The Company intends to issue equity on a preferential basis for approximately USD 80 million.

Announcing this today, SpiceJet Director Bhulo Kansagra said, “We are delighted that such high quality investors are investing in SpiceJet. The House of Tata is India’s finest business group. Texas Pacific Group is one of the best known investment funds in the world with a tremendous amount of experience in aviation across the globe. Istithmar and Goldman Sachs have been associated with SpiceJet and have re-iterated their support through their offer of fresh investment. We are confident that these investors will add tremendous value to SpiceJet. This is a proud day for aviation in India and for SpiceJet in particular.”