Mumbai, March 27 :     Media magnate Kerry Packer, telecom titan Vinay Maloo and Dalal Street's hotshot value investor, Ketan Parekh, today joined forces to float a Rs 1,100-crore venture capital fund. To be called KVP Ventures, the fund is touted as being the country's largest repository of risk capital. It will invest in a wide spectrum of high-growth industries like infotech, software, e-commerce, telecom, media, entertainment and bio-technology. Maloo, the chairman of Himachal Futuristic Limited (HFCL), Packer and Mehta will bring equal equity contributions to the $ 250-million fund. 'We believe this is the place to be in and we are putting our money here. We think India is a growing economy in Asia, a country transforming quickly,' Packer told reporters at a press conference here today. The baron, who is the chairman of Australian media powerhouse Consolidated Press Holdings, responded to reports about his interest in Indian media firms by saying he was keen on buying a minority stake in them if the laws permit it. He, however, ruled out any majority equity participation. Stock-picker Parekh, better known on the trading floor as the Big Bull, said KVP Ventures will help young entrepreneurs achieve their goals by funding ideas, spinning success stories and opening the roads to global recognition for them. The announcement took industry circles by surprise and provided enough grist to the speculation mill, especially because the three promoters come from diverse backgrounds. Maloo, however, said it was the chemistry among them that led to the alliance. 'There is some chemistry among us, and we firmly believe it will work well for the venture,' said Maloo, whose company HFCL already has a tieup and equity partnership with Packer. There were many in the industry who were not amazed at the Parekh's association with a venture fund. They pointed out that the broker - who forked out the largest advance tax - already has a tieup with Maloo for managing the Kothari Pioneer fund. Packer said he will bring his share of cash - Rs 350 crore - to the KVP Fund only next month to reap the gains of the concessions handed to venture funds in this year's budget. KVP Ventures, Packer said, will support the ideas of new and existing entrepreneurs, turning them into reality by giving them the entire range of intellectual and managerial inputs. 'The greatest need of the hour for Indian IT industry is easy availability of risk capital.' Packer said the strength of KVP's three partners - his investment wisdom and experience, the entrepreneurial skills of Maloo and Parekh's business acumen and foresight - together the massive corpus of the fund, will make it a leader in the venture capital industry. Asked whether the fund will pick up a stake in Sahara TV, Packer said though nothing had been finalised till now, he was talking to the company.