Beijing: Indian company Zensar Technologies has formed a joint venture with a Chinese software firm in Shenzhen that will boost the latters's bid to become a major global outsourcing centre.

"Zensar China will be a multi-million US Dollar Chinese corporation, adding tremendous value to the Shenzhen economy, generating employment and making the city a major outsourcing destination in the world," CEO of Zensar Technologies Ganesh Natarajan was quoted as saying by the Chinese media today (Aug 24, 2004).

"We expect the joint venture to achieve some one million US Dollars this year," Natarajan head of the Pune-based company said adding, "But in three years, the revenue is projected to rise to some $ 25 million, or nearly 20 per cent of the whole group."

Zensar, which held its first board meeting outside India in Shenzhen from August eight to 10, has set up a joint venture with Broadengate Systems Inc, a software outsourcing service company.

Zensar 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.