U.S. billionaire investor Wilbur Ross, who made his fortune taking over bankrupt steel, coal and textile companies, will invest 3.45 billion rupees ($80 million) in SpiceJet Ltd., his first investment in an Indian airline.

WL Ross & Co. will make the investment and Ross will join SpiceJet's board, according to a statement by India's second- largest budget airline. Ross will buy foreign currency convertible bonds held by Istithmar PJSC and Goldman Sachs Group Inc., Kishore Gupta, a director of the New Delhi-based airline, said in a phone interview.

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