The fund christened as `Eventures India' will identify high profile Indian ventures and assist them to grow into full potential with generous funding from Softbank and Newscorp.

This venture capital firm is expected to assist Indian entrepreneurs to develop their ideas and ventures into full blown and successful entities, an eventures statement said.

In a parallel development, an internet incubator focussing on leading edge start-ups namely `Acquavit Inc' has merged with Eventures. Promoters of Acquavit Inc Neeraj Bhargava, Rajesh Jog and Sandeep Singhal have been made partners of Eventures India.

Commenting on the alliance, Murdoch, chairman and chief executive of Newscorp said "we want to help the emerging entrepreneurial community in India, which is showing an uncommon touch for the new worldeconomy".

Masayoshi Son, chairman of Softbank Corp, which has funded more than 100 internet companies, said "by bringing key US companies into Indian internet market, we are laying the infrastructure for its future growth".

Eventures, which owns two-third of Eventures India is 50:50 joint venture between Softbank and Epartners. Epartners is a $ 400 million internet, e-commerce and new media venture capital fund founded by Newscorp.