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Seeing Oil Bubble, a Contrarian Bets on an Indian Airline

To that end, his firm, W.L. Ross & Company, which has an estimated $7.9 billion in assets under management, has bought stakes in railroad freight companies in Europe. It is looking at refineries, gas station chains and even the struggling United States airline industry.

On Tuesday, SpiceJet said that Mr. Ross’s firm would invest 3.45 billion rupees, or $80 million, in the company, a three-year-old, low-cost airline whose stock has dropped more than 50 percent this year. Mr. Ross will take a seat on SpiceJet’s board and said he could invest more if necessary. SpiceJet’s shareholders include the Dubai investment company Istithmar and banks including BNP Paribas, HSBC and UBS.

Opinions in the market are sharply divided. In May, the Goldman Sachs oil analyst Arjun N. Murti said oil might hit $200 a barrel in the next two years, while economists at other banks, like Lehman Brothers, are predicting that prices will drop.