Malhotra quits KPMG for GIV
Bangalore: One of the founder partners in India of the consulting giant, KPMG, Mr. Naresh Malhotra, who currently heads its corporate finance practice, has quit the firm to join Global Internet Ventures (GIV) India as country head.

GIV, a Virginia, US-based global venture fund is the brain child of Mr William Melton, the founder of VeriFone and Cybercash. It aims to become a $ one-billion fund and has already raised $150 million in the first tranche, mainly for investment in India and China.

In India GIV will focus on information technology (IT) sector though not on dotcoms. It will primarily invest in companies aiming to provide high-end solutions and those doing work on Wireless application protocol (WAP), according to Mr. Malhotra.

According to Mr. Malhotra, GIV India would give the term sheet for any funding transaction within seven days from the time it gets the papers and the fund will be disbursed in 30 days. The fund will not take less than 10 per cent stake in any venture it finances.
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Star TV gets new head in James Murdoch
London: As News Corporation, the owners of Star TV, plans to take the channel public, Mr. James Murdoch, the youngest son of media mogul Rupert Murdoc, is to take over as chairman and chief executive of Star TV.

Mr. James Murdoch, 27, was sent from New York to prepare Star TV for flotation and is taking over from Mr. Gareth Chang, who was once a trusted lieutenant of Mr. Rupert Murdoch, but had to leave after losing his confidence during the C&W takeover battle.
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Syndicate Bank gets new chief in D. T. Pai
Bangalore: It was homecoming of sorts for Mr. D. T. Pai, currently executive director, Union Bank of India, when he was appointed chairman and managing director of Syndicate Bank. Prior to his assignment with Union Bank, Mr. Pai was with Syndicate Bank where he was closely associated with the lead bank scheme and the establishment of regional rural banks at Syndicate Bank.
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Finally, Kvaerner Cementation gets a managing director
Mumbai: Mr. Sunil S Singh (53), who was, till recently, the president of Kirloskar Pneumatic Company Ltd, is being appointed the full-time managing director of Kvaerner Cementation India Ltd (KCIL) from June 1.

He replaces the present incumbent Rama Iyer, who will continue to be the non-executive director. Mr. Iyer, who is the chairman and managing director of the group company Kvaerner Powergas (KPG), was holding additional responsibility as the managing director of KCIL for the last 18 months.
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