Uday Shankar and James Murdoch to raise $ 345 million via SPAC
Uday Shankar, former President of The Walt Disney Company APAC and Chairman, Star and Disney India has set up a special purpose acquisition company (SPAC) James Murdoch.
Also read: Uday Shankar joins Business Standard as non-executive Director
The SPAC will explore acquisition opportunities in India, South Asia and Southeast Asia. Murdoch who is the scion of media mogul Rupert Murdoch and former CEO of 21st Century Fox has joined Shankar to raise $ 345 million for their new media and tech venture.
The company will be called Seven Island Inc. and is using a blank check vehicle to raise money from investors in an IPO. Apart from Murdoch and Shankar, the executive team includes partners at Lupa Systems such as general counsel Jeff Palker. National Geographic chairman Gary Knell will serve as a director.
Lupa is a private investment vehicle with a presence in New York and Mumbai and has invested in online learning institute Harappa Education in India.
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