Investors in the India Power Fund may get tax breaks under a plan floated by the Power Ministry, according to The Economic Times. Under the proposal, up to 20% of contributions to the fund would be safe from income taxes for five years. The Power Finance Corporation Ltd. In India plans to establish the venture capital fund in the first quarter of 2007; it is to be used to help finance the build-out of power plants that generate electricity. pfc.gov.in/rti.htm
Google Inc. plans to invest in Shenzhen Xunlei Network Technology Ltd, developer of systems that let Web surfers download videos, according to Industry Updates. Backers of the company include IDG Venture Capital and Morningside Asia Advisory Ltd. Google earlier this year made a big splash in online video with its 1.65 billion purchase of Youtube.com. Shenzhen Xunlei is based in Shenzhen, in southern China. www.google.com
Medical Body Sculpting Inc. has raised $6.1 million in angel backing to open centers where people with extra fat can get the fat removed without surgery, according to VentureWire. The company promotes a treatment called “Lipo-dissolve,” in which “fat is removed by injecting a naturally occurring compound directly into the fat layer.” The company offers 3, 6, 12 and 18-month payment options, without charging interest. www.medsculpt.com
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