Wilbur Ross and his India pointman Ranjeet Nabha have joined the board of the low cost carrier SpiceJet, the company has informed stock exchanges. WL Ross & Co had last year invested $80 million in the carrier. Goldman Sachs also invested $20 million along with WL Ross. Nabha is the India CEO of WL Ross & Co.
Ross holds foreign currency convertible bonds that can be converted into equity by December 2010. If Ross converts FCCBs by next year, his stake in SpiceJet could go upto 32%.
The other foreign shareholders include Dubai government's private equity arm Istithmar, which owns 13.4 per cent of the carrier, while FIIs hold about 10 per cent equity in the company.