Wilbur Ross invests in India's SpiceJet

Wilbur Ross has made billions by finding opportunities in distressed industries such as steel and mortgages.

So, what's his next target? Well, he has invested $80.4 million in SpiceJet Ltd., a discount carrier in India. The investment dollars come from Ross's fund, WL Ross & Co.

As should be no surprise, SpiceJet is losing money as it deals with high oil prices and heavy competition. Plus, in order to continue growing, the company has a voracious need for capital to take on new planes.

For Ross, this deal is definitely small. But, at the same time, it does reveal some of his thinking.

Of course, he sees lots of growth opportunities in emerging markets – and the recent sell-off in equities is making valuations alluring.

What's more, Ross thinks oil prices will eventually fall (he thinks they could drop back to $100 per barrel within a year).

Even so, it's gutsy. But that's what has made Ross huge amounts of money over the years.