Joint Press Release by SpiceJet Limited and WL Ross & Co. LLC

WL Ross to invest in SpiceJet

New Delhi, July 15, 2008: SpiceJet Limited (“SpiceJet”) and WL Ross & Co. LLC (“WL Ross”), a global private equity investor, are pleased to announce that SpiceJet has accepted an offer in principle that will make available approximately Rs. 345 crores (around $80 million) to SpiceJet. The offer was approved by the Board of Directors of SpiceJet today. The transaction is subject to definitive documentation and approvals, if any.

Mr. Bhulo Kansagra and Mr. Ajay Singh, Board members of SpiceJet, said “We are delighted to have WL Ross as an investor in SpiceJet. WL Ross is one of the largest and the most experienced investor in the world. They have extensive experience of investing in the aviation sector. With this investment, we have no doubt that SpiceJet will fulfill its promise of emerging as India’s leading airline.”

Mr. Wilbur L. Ross Jr., Chairman & CEO, WL Ross & Co. LLC welcomed the deal and said, “We believe in the long term validity of the low cost airline model in India and that fuel prices eventually will stabilize.”

Mr. Ranjeet Nabha, Managing Director & CEO of WL Ross India said, “SpiceJet is one of the most efficient airlines in India. We are delighted to contribute to its growth and development.”

Mr. Ross and Mr. Nabha are expected to join the Board of Directors of SpiceJet.

This would be WL Ross’ second investment in India. In February 2007, WL Ross acqui#B50229 OCM India Ltd., a worsted suiting maker, for around $37 million.

NM Rothschild & Sons (India) Private Limited acted as the exclusive financial advisor to SpiceJet Limited.

Background

SpiceJet Limited is India’s second largest domestic budget airline with c.10% market share currently. It is one of the most efficiently run low cost airline carriers. The Company operates 94 flights daily with a fleet of 15 aircraft currently in operation.

WL Ross & Co. LLC, a part of Invesco Ltd. since October 2006, manages assets for institutional investors in the U.S., Europe and Asia. It invests in corporate restructurings and turnarounds with an objective toward creating new, world-class enterprises. The company has sponso#B50229 alternative investments including private equity funds, co-investment vehicles and hedge funds in the steel, textile, coal, automotive and financial services industries in the U.S., U.K., Canada, France, Germany, China, Japan, Korea, Vietnam, India, Mexico, Brazil, Nicaragua and Bermuda. WL Ross has approximately US$7.9 billion of assets under management. In India, WL Ross ente#B50229 into a co-operation agreement with Housing Development Finance Corporation Limited (“HDFC Ltd.”) in October 2005 to assist it in sourcing and evaluating appropriate private equity investment opportunities in India. WL Ross (India) Private Limited (“WL Ross India”), based in Mumbai, is a sub-advisor to India Asset Recovery Management Limited that advises various private equity funds, including the Mauritius-based, US$300 million India Asset Recovery Fund (“IARF”).