HCL Technologies, India's No 5 software maker, today announced it has formed a software joint venture with the US's Jones Apparel Group Inc. The collaboration will give HCL better market access and a strong competitive advantage.

In a statement posted on its website, India's National Stock Exchange said HCL Technologies will own 51 per cent of the venture, with the remainder being held by fashion designer and retailer Jones Apparel.

The statement did not give financial details, but said the venture will be called HCL Jones Technologies.

Fashion designer and retailer Jones Apparel will contribute revenue and retail expertise to the venture while HCL Technologies will contribute capital and offshore services, it said in a statement.

HCL Technologies CEO Shiv Nadar said that although there is no revenue target, "the venture will help in building expertise in the retail segment."

Jones Apparel is an existing small customer of HCL Technologies.