StanChart sets up venture fund with Malliwal as head
Mumbai: Standard Chartered Bank, which has been aggressively growing in the recent past, is setting up a $250-million incubator and venture fund, along with a group of strategic investors. The fund will focus on investments in the technology and financial services businesses.

To be based in Singapore, the fund will be headed by Mr. Rajeev Malliwal, currently head of corporate financial services at Standard Chartered Grindlays, who will take over as the managing director of the newly incorporated outfit. Mr. Malliwal will also co-head the bank’s global e-commerce business as part of his responsibilities.
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Fiat gets new marketing head
Mumbai: In the face of sagging volumes, Fiat India, has brought in a new marketing head from its head office in Turin. Mr. Raul Picello, will replace Mr. Enrico Ferrero as the head of marketing of Fiat India. Mr. Ferrero will return back to the parent company.

Mr. Picello, who had a stint with Ford before joining Fiat, has been designated as the company’s commercial director. He takes over at a time when Fiat is facing the worst sales, in a market that is seemingly looking up.

The Fiat model sold just 129 units last month, against 1,556 units of Accent, 1,492 units of the Ikon and 1,044 units of the Maruti Esteem. The monthly sales of the Siena were hovering at 450-500 units till a few months back.

The company is hoping to revamp its marketing network, with the Siena Weekend ready to be rolled out later this week, and the Palio slated for commercial launch in April next year.
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Entrepreneur bug bites two senior Wipro officials
Bangalore: The entrepreneurial bug has bitten two senior executives of software giant, Wipro Technologies. They have quit to form a mobile-commerce start-up.

Mr. V Rama Kumar, chief executive officer, e-enabling solutions and Ms. Revathi Kasturi, chief executive, finance solutions, are starting a new venture.

The unnamed new venture, which has received an undisclosed amount of funding from an US-based venture capital firm, will focus on m-commerce (mobile commerce) space, which is an intersection of mobile, e-commerce and embedded technologies. The new venture will commence operations from October.

According to the promoters, software development work for this venture will happen in Bangalore and a second development facility will come either in Delhi or Chennai. End customers will be the emerging breed of mobile application providers, large enterprise and mobile device makers. The venture will have a staff strength of 8 to 10 to begin with, the goal being to employ around 200 by end of first year. The partners said that they are open to the idea of having additional promoters.
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Amitabh Kumar to continue as VSNL head
Mumbai: The director (operations) of Videsh Sanchar Nigam, Mr. Amitabh Kumar has been granted another five years extension at the telecommunications giant. Mr. Kumar, who was the acting chairman-cum-managing director of VSNL for more than a year, was on a five-year term as director, which came to an end on Monday.

Kumar is one of the oldest officers in VSNL. He was a part of the Overseas Communications Services, subsequently renamed VSNL. He was the senior most director when Mr. B K Syngal, the then chairman, completed his term in 1998.

Kumar has spearheaded VSNL’s internet foray which was launched when Syngal was the CMD. He was also involved with both the GDR issues of the company, the last one in early 1999, when he was at the helm.
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