SpiceJet gains lifeline, as Indian cutbacks intensify
SpiceJet has the ink on the paper. USD100 million in fresh investment will be available to the Indian LCC, thanks to US distress fund, WL Ross & Co, and Goldman Sachs Group. Billionaire, Wilbur Ross Jr, Chairman of WL Ross & Co stated the financing is intended to "give SpiceJet the staying power to get through the industry consolidation that is under way". That SpiceJet has retained its independence (after rumours of a potential buy-in by UB Group) however means further consolidation (of ownership) in India is really no closer.
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