HCL Technologies, one of India's leading software development and services companies, said Friday it has formed a joint venture with Japan's NEC Corp to provide technology solutions globally.

The joint venture will provide offshore led software engineering solutions in hardware design, network and security, research and development and mobile technology to NEC, its subsidiaries and their clients in Japan and globally.

NEC Corp and its subsidiary NEC System Technologies will have a 51 percent stake in the joint venture while HCL Technologies will own the remaining 49 percent, said a statement issued to the Bombay Stock Exchange.

The joint venture will be based out of Noida, on the outskirts of New Delhi. An advisory committee with representation from the top management from each partner will be formed to set the future direction of the joint venture company.

The new company is expected to grow to about $25 million in three years and has a potential to scale up to $75 million to $100 million of revenues per annum in five years time frame.

"It is a first joint venture of its kind where a Japanese technologies giant and one or the largest IT groups of India have come together to form a firm focused on Japan business," said Shiv Nadar, chairman and CEO of HCL Technologies.

"It is a matter of pride for us to work together as partners with NEC and contribute in their growth by providing cost effective solutions in cutting edge technologies for NEC in Japan and for their global market," he added.

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Reliance offers free calls to wireless users

Reliance Infocomm, one of India's leading telecom services companies, Friday introduced a special offer of free calls for its new fixed wireless telephone users.    

Under the new offer, customers of Reliance's prepaid fixed wireless phone will be allowed to make free unlimited calls to any Reliance phones, including mobiles, within the circle for the first 30 days, said a company statement.

The offer will be valid for connections taken between now and June 30, the statement added.

With the fixed wireless phone connection, customers will get a Rs.400 recharge voucher that can be used to make unlimited calls to all Reliance phones within the circle including Reliance India Mobile.

The voucher, with 30-day validity, also has a free talk time of Rs.150 that can be used to make local and domestic long distance calls to any phone in India.

"We are confident that our subscribers will find it very useful while getting acquainted with the new Reliance phone connection," said S.P. Shukla, president (wireless products and services) of Reliance Infocomm.

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PTC India signs power sale agreement

PTC India said Friday that the company and a state utility have signed a power sale agreement for sale of power generated by the first phase of a Chhatisgarh-based producer.   

The agreement has been signed by PTC India and the Madhya Pradesh Electricity Boards (MPEB) for sale of 300 MW power of the Lanco Amarkantak TPP located in Chhattisgarh.

The 25-year power sale agreement is the first agreement for long term sale of power to be signed between a state power utility and an intermediary in the country, said a statement issued to the Bombay Stock Exchange.

"Long-term agreements like this one with MPEB are the basic building blocks for the sustainability of our business model and our vision for a vibrant power market in the country," said T.N. Thakur, chairman of PTC India.

"We look at this milestone as significant not just for the company but for the facilitation of private investment in power generation of the country.

"In the coming months, we would focus on more of similar structures to drive the sector towards a critical mass of new investments."

PTC India is also considering signing similar agreements wit other projects for an aggregate capacity of nearly 14,000 MW out of which about 2,500 MW would be signed in the near term.

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IndusInd denies GE stake buy talks

IndusInd Bank, a new generation private sector bank in India, Friday denied reports that the company was in talks with GE to sell a part of its stake.  

In a notice submitted to the Bombay Stock Exchange, the bank said it was not aware of any such developments in this regard.