News Round-up

• Mumbai based ‘Avendus Advisor’s has announced to start Institutional broking business from January 2008. It proposes to cover untracked sectors like internet, wireless, environment technologies and solar energy. Mr. Girish Nadkarni from IL&FS Investsmart has been brought in to manage the equity and capital markets portfolio at Avendus. This investment bank boutique was founded in 1999 by 3 investment bankers Ranu Vohra (pictured), Gaurav Deepak and Kaushal Kumar. Source: VCcircle.com

• Another social networking site ‘Apnacircle.com’ has been announced. This site is being launched by Sabeer Bhatia, the man who created Hotmail. Sabeer launched a travel portal ‘Arzoo.com’ a year back. He also proposes to launch a website shortly that will allow free conference calls. Source: Business Standard

• Chairman and Managing Director of Union Bank of India has announced to enter the Private Equity sector. The bank also plans to foray into general insurance and credit card. Source: DNA

• Gopinath, the Air Deccan founder, has formed a joint venture with GVK group, Raheja Developers and Infrastructure Development Finance Corp to build no frills, low-cost airport terminals. These airports will help to connect more cities by air and will offer low charges to airlines. These benefits of higher air traffic and low charges to the airlines will be passed on to customers by way of lower ticket rates. Source: Times of India

• The draft report by TRAI has recommended utilization of the Universal Service Obligation (USO) fun for providing subsidy to expand the reach of broadband services. The recommendations encourage state owned telecom companies to appoint franchisees. TRAI has called for a more involved role of the government for increasing the deployment of 3G and WiMAx technologies. The government should encourage the Indian manufacturers to increase production of customer premise equipment to provide broadband using DSL technology. The report will be finalized after receiving the feedback from all the stakeholders on the draft recommendations. Source: The Hindu

• Future Money and Cleartrip have joined hands to provide travel products to mass customers on easy installments. Future Money has been promoted by the Kishore Biyani group as a non banking finance company. Cleartrip is an online travel portal founded by Hrush Bhatt, Stuart Crighton and Mathew Spacie in the year 2006. The travel products comprise air tickets, hotel bookings and tour packages. These promotions are currently available at Big Bazaar outlets in Mumbai with plans to expand them to all the Big Bazaar outlets across the country and the Pantaloon retail chain of the Future group. Source: Business Standard

• Google.org, has launched a USD 10 mn program to invest in companies developing disruptive and innovative technologies, products and services across the world. The investments will range between USD 0.5 mn to USD 2 mn in technologies ranging from vehicle to grid capabilities, batteries and other storage technologies supporting hybrid electic and fully electric vehicles. Google.org is the philanthropic arm of Google Inc. Source: VCcircle.com