Reliance Systems has been renamed as EximSoft Technologies Pvt Ltd. EximSoft will have equity stakes in EximSoft USA and EximSoft Europe and the proposed EximSoft Japan. On the other hand, the promoters of these foreign companies will have shareholding in the Bangalore-based EximSoft Technologies. ``The promoters are also planning such an arrangement in Australia shortly,'' top company officials said.

The company has hired Nortel's former vice-president (international R&D) Diju Raha who will be the chairman and chief executive officer of EximSoft USA, while Mike Anson would head EximSoft Europe.

Announcing this here on Thursday, EximSoft Technologies managing director V Ramakrishna said: ``The company is yet to obtain the required consent from the RBI to inject funds into the foreign companies. The move, which will help us achieve a $60 million turnover over the next three years, is aimed at globalisation, worldwide marketing, technology focus and products,'' headded.

However, he declined to disclose the exact equity structure of each firm. The promoters would bring in Rs 20 crore to expand the company's operations in the form of equity. Hence EximSoft may drop its earlier plans of raising funds from venture capitalists. However, the company would go in for an initial public offering after two years.

EximSoft would provide complete end-to-end e-solutions for global customers through its E-Solutions division, which will include business-to-business and business-to-consumer solutions, web site designs, multimedia application and portal design and development.

The current products being developed in its Bangalore facility are loyalty applications in smart cards and enterprise management software. EximSoft has over 200 employees. EximSoft is also planning to set up software development centres in US, Europe and Japan in a phased manner.