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Wilbur Ross invests Rs345 crore in SpiceJet

Wilbur Ross invests Rs345 crore in SpiceJet
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First Published: Tue, Jul 15 2008. 11 13 AM IST
Updated: Tue, Jul 15 2008. 11 13 AM IST
PTI
New Delhi: SpiceJet today said a private equity firm led by billionaire Wilbur Ross will invest $80 million (Rs345 crore) in the low cost airline.
The board of directors of SpiceJet has accepted an offer in-principle from the US-based PE firm that would make available about Rs345 crore to SpiceJet, a joint statement issued by SpiceJet and WL Ross & Co said.
“WL Ross is one of the largest and the most experienced investor in the world. With this investment, we have no doubt that SpiceJet will fulfill its promise of emerging as India’s leading airline,” SpiceJet board member Bhulo Kansagra said.
“We believe in the long-term validity of the low cost airline model in India and that fuel prices eventually will stabilize,” chairman and CEO, WL Ross & Co LLC, Wilbur L Ross, said.
This would be WL Ross’ second investment in India. Last year, WL Ross had acquired apparel maker OCM India for about $37 million.
Shares of SpiceJet were trading at Rs30.05, up 7.51% in the morning on the BSE.
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First Published: Tue, Jul 15 2008. 11 13 AM IST