| MacRitchie happens to be a wholly-owned subsidiary of Temasek Holdings, which also holds equity in Singapore Airlines. Indian civil aviation policy does not allow funds with links to foreign airlines to invest in Indian carriers. |
| "We will have to look at the application to see whether it conforms to the regulations," said a senior civil aviation ministry official. |
| The government earlier this year struck down a proposal by Virgin's Richard Branson to invest in Air Deccan in spite of Branson offer to do so in his personal capacity. The government's view was that it would not allow foreign airlines to invest in Indian carriers, directly or indirectly. |
| SpiceJet, however, does not foresee any hurdle. "Temasek is an investor with interests in multiple sectors. This investment will help us," said Ajai Singh, a director with the company. |
| Experts say the company's plans may sail through the window created by the recent Comprehensive |
| Economic Cooperation Agreement with Singapore that gives special status to investments by companies based in Singapore. The pricing of the placement will be worked out in keeping with Securities & Exchange Board of India's (Sebi) guidelines. |
| SpiceJet is also in the process of issuing foreign convertible currency bonds (FCCB). The FCCB issue is expected to be completed shortly. |
| MacRitchie Investments manages a diversified global portfolio of Singapore $90 billion, spanning Singapore, Asia and the OECD economies. |
| Its investments are mainly in telecommunications, media, financial services, property, transportation and logistics, energy and resources, infrastructure, engineering and technology, pharmaceuticals and biosciences. |
| Istithmar is an investment house based in the UAE focusing on private equity, real estate, and alternative investments. |
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