Pentasoft's general manager marketing Sivaram Gowravaram and head of domestic market AP Viswanathan signed the MoU after a discussion with the Orissa Chief Minister, Naveen Patnaik, about the venture. On behalf of the Orissa government, the managing director of state-owned IDCOL, Dilip Rath, signed the MoU in presence of the state industries minister, KV Singhdeo and principal secretary industries Meena Gupta.

The special secretary of the state industries department, S Srinivasan, told The Financial Express that the MoU would lead to firming up a joint venture between IDCOL and Pentasoft to provide state-of-the-art software development technology in the field of e-commerce applications, e-governance solutions, applications in banking and financial services, insurance, ERP, Internet, and Intranet applications.

Pentasoft, the country's premier IT services company will bring a lot of products to the Orissa market place, provide technical manpower, project management responsibilities, and delivery mechanism as per the directions set forth by the joint venture company. It will also constantly bring about latest training skills for the future generation in Orissa. The IDCOL, on the other hand, provides infrastructure on lease to the joint venture company. IDCOL will provide liaison support to the venture in accordance to the charter of goals of the company, Srinivasan said. Pentasoft, which has over 12 offices in India and in over 13 countries worldwides is endeavouring to expand its development centres base by choosing Bhubaneswar, Hyderabad, Bangalore and Calcutta to start with.