Please take a look at http://hthite.com/ISFwiki/Main_Page
I represent the GNU/Linux User Group of NIT Hamirpur (http://www.glug-nith.org). We were also planning something similar for our college only. But it would be better if we can have something which is meant for all Indian universities. Maybe the service can be linked to existing services like Savannah, Sarovar, Sourceforge.
Activity is low as MU engineering exams are in progress. But others can chip in.
We are also having ours. :(
Regards, Debarshi