Indian software company Zensar Technologies has formed a joint venture with Broadengate Systems Inc., a Chinese software firm in Shenzhen, in an effort to boost the area's bid to become a major global outsourcing centre.
CEO of Zensar Technologies Ganesh Natarajan was quoted as saying "We expect the joint venture to achieve some $1 million this year, but in three years, the revenue is projected to rise to some $25 million, or nearly 20% of the whole group."
Zensar, which held its first board meeting outside India in Shenzhen from August 8 to 10, has a 51 per cent stake in the venture, called Zensar Technologies (Shenzhen) Ltd, with the rest held by Broadengate Systems. In the next two years, 200 Chinese software engineers will be sent to India to work or receive training for a certain period in batches, CEO of Zensar Shenzhen Ashish Rahinj said. The agreement also allows 12 Chinese software companies from the Shenzhen Software Park to use the Indian company's software outsourcing network and management systems, China Daily reported.