WL Ross invests in India's SpiceJet

The US investment firm invests just under $80 million in Indian budget carrier SpiceJet to help fund the airline's fleet expansion.

Specialist investment firm WL Ross will invest Rs3.45 billion $79.8 million in the latest round of capital raising by Indian budget airline SpiceJet. The investment gives WL Ross two seats on the board.

SpiceJet took to the air in mid-2005 as one of a new breed of low-cost carriers in India. In line with its low-cost positioning, SpiceJet flies only one type of aircraft, Boeing 737s, which allows it to control maintenance costs. It also focuses on...

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