Wilbur Ross, however, refused to comment anything on the possible bailout. The company executive in India did not deny the talks with SpiceJet either.
It is not clear whether the fund would be looking at a possible buyout of the promoters' stake or fresh infusion of equity. Wilbur Ross does not have any investment in aviation till now.
The fund will be looking at a bailout for the airline as SpiceJet is seeking to raise funds to stay afloat and also to fund the aircraft acquisition for its new Boeing fleet scheduled for deliveries over the next five months.
Speaking to Business Standard from London, SpiceJet promoter director Bhupendra Kansagra said, "I will be willing to sell my stake only if I get the right valuation and currently because of the oil pressure, the valuations are not right."
On the other hand, Mallya too seems to be posturing by saying that he will be looking at SpiceJet only if the valuations are right. The name of Wilbur Ross as a possible option was suggested in the Rothschild report.
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The investment banking adviser had been appointed by the airline to chart a way forward for it. SpiceJet has a market share of over 10 per cent and is one of the most efficiently-run, low-cost carrier.