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Kerry Packer launches venture capital fund in India

Australian media tycoon Kerry Packer announced in Bombay on Monday the creation of a three-way venture capital fund worth $ 250 million to invest in Indian infotech and biotech companies.

The fund will be created with equal contributions by Packer, the head of Indian telecom firm Himachal Futuristic Communications Ltd, Vinay Maloo, and stockbroker Ketan Parekh.

Packer, the owner of Consolidated Press Holdings Ltd and Australia's richest man, told reporters that the contributions to the fund would be made in a personal capacity to circumvent Indian regulations banning investments by foreign media companies here.

"My company Consolidated Press has no intention to control or have a majority stake in Indian media companies," Packer stressed.