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After SpiceJet, Ross may invest India's Kingfisher Airlines

  • Paul Mackintosh
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Leading US investor Wilbur Ross may be seeking to follow his successful investment in, and exit from, Indian budget carrier SpiceJet by investing some $100-150 million into debt-saddled peer Kingfisher Airlines, according to Indian media.

Ross and Mumbai-headquartered Kingfisher Airlines, owned by Indian industrialist Vijay Mallya through his United Breweries Group, have reportedly already begun discussions about a possible investment, though the airline formally denied that these were under way. Established in 2003, Kingfisher commenced domestic operations in 2005 and international flights in 2008. The airline appointed former SpiceJet CEO Sanjay Aggarwal as its new head in September, following SpiceJet's sale to Indian media magnate Kalanithi Maran.

Ross sold his 30% stake in SpiceJet, held for two years, for $127 million at a 58% profit in June, as part of the airline's sale. Kingfisher is struggling with up to INR7000 crore ($1.57 billion) of debt, the largest debt burden of any Indian airline.

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