Sources said that the talks with full service Kingfisher which was also looking at buying stakes in the company, now stood cancelled.
According to sources, it was unlikely that Ross would infuse additional equity into the company. Wilbur Ross, Chairman and CEO, WL Ross and Co LLC and Ranjeet Nabha, Managing Director and CEO, WL Ross and Co India are expected to join the Spice Jet Board of Directors.
SpiceJet already has FDI of 38.35 per cent by Dubai based investment firm Istithmar which has 13 per cent share in the company, and London based promoter-director Bhupendra Kansagra who has stakes of 12.9 per cent.
WL Ross and CO. LLC, a part of Invesco Ltd since October 2006 manages assets for institutional investors in the US, Europe and Asia. This would be Ross's second investment in India. Ross acquired suiting maker, OCM India for $37 million in February 2007.
SpiceJet is the second largest low cost carrier in India after Simplifly Deccan having a market share of 10.8 per cent according to June figures. The carrier operates 94 flights with its fleet of 15 aircraft.
