A joint venture referred to the joining of two businesses for a common purpose and a mutual gain.

The following Indian Companies have entered into a joint venture with foreign companies.

a. Hindustan Aeronautics Limited

b. Tata Global Beverages

c. BrahMos Aerospace

d. Bharti AXA General Insurance

e. Mahindra Renault

f. ApoKos Rehab limited

g. Network 19 Media and investments

h. AirAsia Limited

i. Max Life Insurance Company limited

j. Aviva India Life Insurance

k. HDFC Ergo General Insurance Company limited

The benefits of entering into a joint venture are:

a. Joint venture reduces the competition among the different companies. The company's aim at improving the strength of the organisation and not wasting the resources in competition.

b. When two firms come together, the joint venture can expand quickly and efficiently.

c. When the foreign company engages in a joint venture with the company in the host country, they get access in the market of the host country. They can also get the advantage of the already established distribution channel including wholesale and retail outlets in the different local market. Otherwise, it would have been very costly for them.

d. The products have to be continuously innovated and designed according to the needs of the consumer. Joint venture invests its time and money in innovating new products as it has better access ability to improved technology.

e. It is often not possible for a company to invest in better technology in terms of the methods of production. If it decides to be a part of a joint venture, it might become possible and economically feasible to get access to advanced technology. It leads to an increase in efficiency, reducing cost and better quality goods.

f. When two different business firm enters into a joint venture, one of them gains benefit from the already established goodwill and reputation of the other firm in the market.

g. The joint ventures are also able to gain benefit from the low cost of raw material and workers.

h. The two companies contribute to capital, the problem of arranging large amounts of capital is resolved.

i. The joint venture operates on a large scale and receives the benefit of economies of scale. The cost of production and marketing reduces.