The Housing Development Finance Corporation (HDFC) and HDFC Bank have decided to pick up a small equity stake in the Hindustan Times - Chase Capital Partners' venture for a horizontal portal. The portal, which is in offing, is likely to called GO4i ("Go for India"). HDFC chairman Deepak Parekh did not say what percentage of the total capitals was being subscribed but sid that the stakes were a smll percentage. Both HDFC and HDFC Bank are taking a stake of about $1 million each," he said.
Chase and Hindustan Times wil hold 40% each in the portal company. Of the remaining 20% HDFC and HDFC Bank will hold a minor stake, while the balance portion wil be allocated to employees and small investors. Planetasia.com, a group company of the Bangalore-based Microland, will develop, manage and integrate the back end operations for the proposed portal. The Web start-up is reported to be looking into options of listing in Indiaand the Nasdaq.
Speaking about investments in the infotech sector and in e-commerce ventures Parekh said: "As far as possible whatever investments have to be made are being made equally between the bank and HDFC."
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In January, both HDFC and HDFC Bank entered into a strategic alliance with Sesami.com, promoted by Singapore Telecom in order to provide a range of e-commerce services.
The new company will be Sesami.com (India) Ltd and it would provide of business to business e-commerce solutions. While HDFC and HDFC bank will each take a 20% stake, Sesami.com will take 60% stake in the new venture.