Japanese IT major NEC Corp and India's HCL Technologies Friday announced a joint venture to provide offshore software engineering solutions in a wide range of fields.

The solutions - in areas like embedded software, hardware design, network and security, research and development, high performance computing, and mobile technology - would be provided to NEC, its subsidiaries and clients globally.

While NEC will hold a 51-percent equity in the venture, to be based at Noida on the outskirts of the national capital, the remaining stake would rest with HCL, officials of the two companies said.

The venture is expected to grow to about $25 million in revenues in three years, with a potential for $75-100 million in five years, the officials added.

"India has established itself as a leading provider of software technology solutions and a destination for Japanese investment in sectors like telecom and IT," said Toshihiko Takahashi, president of NEC.

"We believe that this is the first step in the direction of a long and fruitful relationship and are confident that HCL Technologies will be able to value add to our business and contribute to our growth strategy," he added.

Shiv Nadar, the billionaire founder and chairman of the $2 billion HCL, said: "It has been seven years since we began our association with NEC and today it makes me nostalgic when I think of the multiple success stories we have with NEC."

He added: "It is the first JV of its kind where a Japanese Technologies Giant and one of the largest IT groups of India have come together to form a JV focused on Japan business."