SpiceJet on Tuesday said the private equity firm led by billionaire Wilbur Ross will invest $80 million (about Rs 345 crore) in the low cost airline.

The board of directors of SpiceJet has accepted an offer in-principle from the US-based PE firm that would make available about Rs 345 crore to SpiceJet, a joint statement issued by SpiceJet and WL Ross & Co said.

"We are delighted to have WL Ross as an investor in SpiceJet. WL Ross is one of the largest and the most experienced investor in the world. With this investment, we have no doubt that SpiceJet will fulfill its promise of emerging as India's leading airline," SpiceJet board member Bhulo Kansagra said.

"We believe in the long term validity of the low cost airline model in India and that fuel prices eventually will stabilise," Chairman & CEO, WL Ross & Co LLC Wilbur L Ross said.

This would be WL Ross' second investment in India. Last year, WL Ross had acquired apparel maker OCM India for about $37 million.

"SpiceJet is one of the most efficient airlines in India. We are delighted to contribute to its growth and development," Ranjeet Nabha, WL Ross India managing director & CEO, said.

Shares of SpiceJet were trading at Rs 30.05, up 7.51 per cent in the morning trade on the Bombay Stock Exchange.