CURRENCY TRADING INFOR

WL Ross & Co. will buy 3.45 billion rupees ($80 million) of 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. The U.S. financier will join SpiceJet’s board, according to a statement by India’s second-largest budget airline.

SpiceJet declined 67 percent in Mumbai this year as fuel prices drained funds needed to buy Boeing Co. planes. Ross may be betting on winning more passengers in the world’s second-fastest growing major aviation market as mergers reduce competition.

“This investment reflects the fact that there is still belief in the long-term potential of Indian aviation,” said Binit Somaia, a director for the Indian sub-continent at the Sydney-based Centre for Asia Pacific Aviation.

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