Burmans launch, list $150 million SPAC on NYSE with 2 executives

Burman Family Holdings, the private investment firm of the Burmans of Dabur, has set up a special purpose acquisition company (SPAC) along with two partners, raising $150 million and listing it on the NYSE.

The SPAC, Jupiter Acquisition Corporation, is led by Gaurav Burman, who is its president.

The company intends to focus on acquiring a business in the consumer industry, though it may also pursue acquisitions in any other businesses or industry, two executives directly involved with the matter said.


The Burman Family Office’s investments include domestic startup DMI Finance, Yum Brands’ quick service restaurant chain Taco Bell, life insurance provider Aviva India and the M3 India online networking platform.

“The special purpose acquisition company has been formed for the purpose of effecting a merger, asset acquisition, stock purchase and reorganisation or similar business combinations with one or more businesses,” one of the executives said.

Besides Burman, its key leaders are private investment firm Hauslein & Co’s president, James Hauslein, and James N Clarke, who is managing partner at private family office investment firm Clarke Capital Partners.

Burman declined to comment on the SPAC.

On consumption outlook, he said: “India is a resilient market and we expect a steady consumption trajectory.”