Ross cometh

 

 

To overcome the turmoil that is being faced currently by the aviation industry, SpiceJet Limited , the country’s second largest low cost airline, has formally signed a understanding with WL Ross & Co LLC, an American-based private equity firm. WL Ross will pump in $100 million (over Rs 420 crore) for the business requirements of Spice Jet, an increase on ite earlier estimated investment of in $80 million. It is thus increasing WL Ross investments in the budget airline. This would be WL Ross’ second investment in India after it invested in OCM last year. SpiceJet has also made a preferential offer to Goldman Sachs. The foreign investor would be subscribing to the equity warrants of the low cost airline major.