The second biggest air carrier of India, SpiceJet has signed an agreement with Ross and Goldman Sachs of America.

Wilbur Ross and Goldman Sachs will invest around $100 million in Spice Jet as per new agreement. Earlier, it has decided to invest Rs 336 crore.

The American equity firm will invest the amount in two phases. The process is going on to get the fresh warrant approval from the Securities and Exchange Board of India (Sebi).

Hong Kong  - Hong Kong's flagship airline Cathay Pacific Tuesday announced it is cutting 10 flights a week to North America to offset soaring fuel costs.

The airline, which last week posted its first loss in five years, is cutting one of its daily flights to Los Angeles and reducing the number of weekly flights to Vancouver from 17 to 14 from next month.

Low cost carrier Spicejet has announced that its shareholders Royal Holding Services Limited, Istithmar and Ajay Singh and Goldman Sachs, in its capacity as a bondholder of the company have entered into definitive agreements with WL Ross & Co. LLC.

Under the arrangement, US-based private equity company and leveraged buyout specialist, WL Ross & Co LLC will invest $100 million (over Rs 420 crore) in the company for business requirements.

San Francisco  - Alaska Airlines was forced to cancel more than 40 flights as an ash cloud caused by an eruption of the Kasatochi volcano in the Aleutian Islands drifted into flight paths between Alaska and the contiguous US, the company said Monday.

The central Aleutian volcano erupted Thursday sending up huge plumes of ash, which began interfering with flights on Sunday as air currents pushed them into flight lines.

Numerous flights between Alaska and west coast destinations such as Portland, San Francisco and Los Angeles were canceled, forcing thousands of travelers to spend the night at the airport.

Hong Kong  - The assets of Hong Kong budget airline Oasis, which collapsed in April, will go on sale Tuesday, the company organising the auction confirmed Monday.

The assets, divided into 50 lots, include aviation gear and spares and a virtual simulator used to train pilots alongside cabin furnishings such as cabinets, seats and head rests.

GoIndustry DoveBid, which specialises in the sale and valuation of assets, said the auction would begin Tuesday afternoon and close Thursday.

New Delhi, Aug 11 : The seventh edition of the Biennial International Aerospace Exposition, popularly known as Aero India - 2009, will be held at the Air Force Station Yelahanka in Bangalore from February 11-15, 2009.

Nearly 600 armament companies from home and abroad are expected to take part in the event.

Armament Majors from several countries including the United States, the UK, Russia, France, Germany, Italy, Israel, Belgium, Brazil, Spain, Ukraine and The Netherlands have confirmed their participation in this Asia''s premier air show.

Around 330 companies from 50 countries abroad and 230 from India will set up their exhibits over an indoor display area of 32,000 sq meters and an additional 5,000 sq meters outdoors.