``We are scouting for a partner who can lend specialised inputs to the joint venture. With this venture, we will be in a stronger position to cater to the fast growing European market,'' Melstar chairman Suresh Bansal said.

Melstar Information specialises in a wide spectrum of IT enterprise services, including facility management, onsite installation and maintenance of hardware and software, network management and enhancement, consultancy and network project services.

Melstar recently got a shot in the arm as the Calcutta-based Usha Beltron group and IndAsia Fund Advisors, controlled by high-flying venture capitalist Pradeep Shah, picked up a 30 per cent stake in the company.

``Our new joint venture in the UK will be formalised shortly for which discussions are at an advanced stage,''Bansal said.

The infusion of funds, he added, will help the company consolidate the existing projects and expand to new areas, particularly in the fast developing e-commerce and internet-related businesses. The company has an equity base of Rs 9.86 crore.

Melstar plans to complete three software development facilities in the current fiscal - two of which will be in Mumbai and the third in Bangalore, while two more centres will be added to the list next year.

``We plan to invest over Rs 45 crore in software development facilities in the current financial year,'' Bansal said.

Melstar has entered into a 5-year contract with Informix of the US to set up the dedicated software development facility at SEEPZ, which is expected to fetch export revenue of around Rs 28 crore.

On the overseas front, Melstar has floated a joint venture in New York with the Summit group of the US, which holds 45 per cent in the venture. The company specialises in banking and outsourcing contracts. Besides, it has also set up awholly-owned subsidiary in California to cater to the needs of the banking industry.

Over the years software developer Melstar has entered into partnerships with global majors like IBM, Oracle, Informix, ITC Consulting Gmbh, and the Summit group. The company, with a dedicated centre in Bangalore, offers enterprise solutions to IBM's top consumers in India.

The company has also made its e-commerce foray recently, for which it is focusing on project and product development. "We hope to achieve a turnover of over Rs 50 crore in the current fiscal, up from Rs 32 crore last year," Bansal said.