Hi Vimal,
There's already launchpad for that (
launchpad.net ).
Many open source projects can be localized there.
It is not a good idea to branch out because of the issue of fragmentation.
If you are interested it is better to organize the localization of the
projects on launchpad or any other individual open source project
sites and coordinate.
It's a good idea to pick one and lead.
It is important that the contributions go back to the project and
upstream correctly.
Cheers
Praveen