Airline Code [SEG]
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SpiceJet Limited and WL Ross & Co. LLC a global private equity investor, are pleased to announce that SpiceJet has accepted an offer in principle that will make available approximately INR345 crores to SpiceJet.
The offer was approved by the Board of Directors of SpiceJet. 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 stabilise."
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 acquired OCM India Ltd., a worsted suiting maker.
NM Rothschild and Sons (India) Private Limited acted as the exclusive financial advisor to SpiceJet Limited.
(c) Centre for Asia Pacific Aviation. Date posted: 16-Jul-08 In-depth analysis of the Indian airline and airport sectors, including latest traffic and financial reports and outlooks, is available each month in the Monthly Essential India.
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WL Ross to invest in SpiceJet 
