Manipal Group chief, Rohan Ajila launch consumer-sector focused SPAC in US

GCAC raised this week $170 million in an initial public offering listed in NASDAQ.

Rohan Ajila, a private equity veteran, and Gautham Pai, chairman of the Manipal Group, have set up a special purpose vehicle in the US for acquiring consumer companies with a "compelling Asia potential".

Global Consumer Acquisition Corp (GCAC) raised this week $170 million in an initial public offering. The company is listed on NASDAQ under the symbol “GACQU” and its management has extensive investment and cross border operator experience, according to its IPO prospectus.

“We intend to focus on global consumer companies with a significant Asia presence or a compelling Asia potential especially India” said Ajila, co-chairman and chief executive