Usable list of values in a single field - is this possible?

Usable list of values in a single field - is this possible?

Quite new to Zoho so please bear with me, is there a good way to achieve the following?

Suppose I have two databases, database 1 is a list of companies and database 2 is a list of projects.  Each record in the project database needs to contain some basic info about the project, and a list containing a selection of companies from database 1, with the potential to create project-specific views and reports using this list of companies.  

I would really appreciate any advice as to whether this is possible without having a new database for each project..

Many thanks,

Chris