SEMINAR REPORT

ON
THE FAMOUS JOINT VENTURE OF THE BUSINESS
WORLD

SUBMITTED TO: SUBMITTED BY:

SCHOOL OF MANAGEMENT STUDIES, PUNJABI

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 ACKNOWLEDGEMENT
I would like to thank Asst. Prof. Raminder Kaur to give me that opportunity and
has been guiding force for my report on “The Famous Joint Venture of the
Business World”.
I am also thankful to my friends, for their sport and encouragement in finding out
the appropriate material for this report.
Kuldeep kaur

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 CONTENTS

1. Joint Venture 4
2. Definition of joint venture 5
3. Purpose of joint venture 6
4. Setting up of a joint venture 7-8
5. Joint venture agreement 9-10
6. Advantages of JV 11
7. Obstacles facing a joint venture 12
8. Successful joint venture 13
9. International joint ventures 14
10. Joint venture accounting 15
11. Top 20 JV companies in India 16-24
12. Conclusion 25

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 JOINT VENTURE
When two or more parties, whether individuals or entities, enter into an agreement
to combine resources for a specific business undertaking, it is referred to as a
“joint venture.” The organization of a joint venture serves as a short term
partnership for the duration of the project, in which each participant
shares responsibility for the project’s associated costs, profits, and losses.
Although the parties share responsibility, the joint venture is its own legal entity
that remains separate from the parties’ other business interests. To explore this
concept, consider the following joint venture definition.

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 Definition of Joint Venture
Noun
1. An association of two or more individuals or entities for the purpose of engaging
in a specific business enterprise for profit.
Origin
Late 19th century first used in the building of the U.S. railroad system

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 Purpose of a Joint Venture
Parties enter into joint venture contracts in order to combine strengths and
increase competitive advantage while minimizing risk. For example, a tech firm
may collaborate with a manufacturing company to bring a new high-tech idea to
the marketplace. One party provides the product expertise, the other provides the
means for production. Additionally, joint ventures provide a way for companies to
enter foreign markets. For example, a foreign company enters into a joint venture
with a U.S. company for sale of its product. The foreign company then benefits
from the domestic company’s governmental approval and business relationships
in the industry. This is referred as an “international joint venture.”

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 Setting up a Joint Venture
A joint venture can be set up by one of the following ways:
1. Two parties, which may be individuals or companies, incorporate a new company.
One party transfers its business to the new company and shares are issued by the
company which is subscribed by that party. These shares are subscribed for cash
by the other party.
2. Both parties above subscribe to the shares of the new company in agreed
proportion and cash.
3. The promoter shareholder of an existing Indian company and a third party which
may be an individual or company, come together to jointly carry on the
company's business. The third party takes its shares through cash payment.
Government and Joint Ventures
Joint ventures in India require government approvals either from RBI or FIPB.
Reserve Bank of India (RBI) - gives approvals if the joint venture is covered
under the Automatic Approval Route. The investors are required to notify the
RBI's regional office within 30 days of remittances being received. Also, all the
required documents must be filed within 30 days of issue of shares.
Foreign Investment Promotion Board (FIPB) - gives approvals in special cases
where the joint venture is not covered under the Automatic Approval Route. The
FIPB works under the Ministry of Finance and approves foreign investments as
well as provides appropriate institutional arrangements, transparent procedures
and guidelines for FDI promotion.
Foreign investment in India is governed by the Foreign Direct Investment (FDI)
policy and the Foreign Exchange Management Act (FEMA), 1999.
The Government has also set up an Indian Investment Center under the Ministry
of Finance for providing authentic information and assistance for investments,
technical collaborations and joint ventures.
Also, the government of India set up the Secretariat for Industrial Approval (SIA)
under the Ministry of Commerce & Industry. It provides investor assistance as
well as receives and processes all applications for government approval.

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 Foreign investments require approvals from the RBI or FIPB for which proposals
containing an application are submitted.
 Applications should include information on whether the applicant has any existing
collaboration or trade mark agreement in India in the same field for which an
approval is sought. If so, details and justification for investing in a new venture
has to be given.
 Applications can also be submitted with the Indian Missions abroad which
forwards them to the Department of Economic Affairs for further processing.
 Applications received in the Department of Economic Affairs are passed on to the
RBI or FIPB for approval within 15 days of receipt.
Range of Foreign Investment
Foreign investment can be made in 37 high priority industrial sectors outlined by
the government. Investments up to 74% can be made in companies under these
sectors and those engaged in export activities. The RBI approves these
investments after the proper evaluation of the applications.
For approval of cases where foreign equity is more than 74% and sectors outside
the high priority list, an application in the form FC has to be filed with SIA which
responds within 6 weeks. The government allows 100% equity in power
generation, coal washeries, electronics, Export Oriented Unit (EOU) or units in an
Export Processing Zones (EPZ) The government prohibits foreign investment in
sectors reserved exclusively for the public sector and sectors like real estate,
insurance, agriculture and plantation. Sector wise detail of the allowed investment
in all sectors is given in the FDI policy.

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 Joint Venture Agreement
The success of any joint venture depends on selecting a good partner. After a
partner is selected a Memorandum of Understanding or a Letter of Intent is signed
by the parties highlighting the terms and conditions of the future agreement.
Before the signing of these memorandums and agreements the parties must
consult lawyers well versed in international and multi-jurisdictional laws and
procedures so that their interest are secured. Also, the terms must be clearly
discussed and negotiated. Both parties should agree upon them to avoid future
misunderstandings.
For framing a comprehensive and exhaustive joint venture agreement the
important factors that need to be discussed well are:
 Board of Directors
 General meeting.
 CEO/MD
 Access.
 Change of control
 Non-Compete
 Confidentiality
 Indemnity
 Management Committee
 Important decisions with consent of partners
 Dividend policy
 Dispute resolution agreements
 Funding
 Assignment.
 Break of deadlock
 Termination.
 Applicable law.
 Force Majeure
 Holding shares

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 Transfer of shares
More specifically, a JV agreement should specifically detail the following:
 Structure – whether the JV will be a separate business entity in its own right, or
simply a short term project
 Objective – the purpose and goals of the JV
 Confidentiality – an agreement for the parties to protect any trade and
commercial secrets disclosed during the venture
 Financial Contributions – how much money each party will contribute to the
venture
 Assets and Employees – whether each party will contribute assets, and whether
they will assign employees to, or hire new employees for the venture
 Intellectual Property Ownership – which party will have ownership of any
intellectual property created by the venture
 Management – specific responsibilities of each party, and the procedures to be
followed in operations of the venture
 Profits, Losses, and Liabilities – specifics of how any profits and losses are to be
distributed or shared among the parties, as well as the assignment of liabilities
 Disputes – specific instructions for the resolution of disputes that may arise
between the parties
 Exit Strategy – specific details on when and how the JV will end, including the
final distribution of assets and debts

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 Advantages of a Joint Venture
 The risk of forming a new venture is shared by all parties. For a party, the risk is
reduced as the activities can be expanded with smaller investments as compared
to if financed independently.
 It helps in knowledge acquisition. It helps a participant to learn more about a
relatively new product or market. The knowledge acquisition covers many
segments like R&D, production, marketing or product servicing etc.
 A small firm with a new product idea that involves high risk and requires large
capital can form a joint venture with a large firm. The existence of the smaller
firm is secured as it doesn't bear the risks alone and can use the other party's
capital. The financial risks are carried by the larger firm in return of which it is
involved in the growth and profitability of the new business. In addition, the
larger firm gains experience in the new business that paves the way for a major
thrust in future.
 The parties can avail many tax benefits.
 A participating party's expansion into foreign countries is facilitated by the local
partner's contribution in the form of specialized knowledge about local conditions
which is a key for a successful joint venture.

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 Obstacles facing a Joint Venture
A joint venture faces many obstacles like:
 An inflexible contract which cannot cope up with the constant changes in
the business environment
 Inadequate pre-planning
 Slow technological developments
 Disagreement on alternative approaches to achieve the objectives of the
joint venture.
 Experts of one company may refuse to share their knowledge with others.
 Parent companies may not want to share resources due to lack of trust.

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 Successful Joint Ventures
For a joint venture to be successful it needs to meet the following
requirements:
 Sufficient time and energy should be devoted to pre-planning.
 Each participant must add value to the venture.
 The contract should be flexible in nature.
 The legal and cultural background of the country involved must be clear.
 The agreement should cover provisions for termination, buyouts etc.
 The implementation and functioning of joint ventures must be in the hands of
experienced and key executives.
 The authority of making decisions relevant to the joint venture must be with a
distinct unit in the organization structure.

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 International Joint Ventures
Such joint ventures involve two or more international parties which may be
individuals or companies. The details of setting up, government approvals,
agreement terms etc are same as that of a normal joint venture with some minor
additions.
International joint ventures have special features which have minor differences
from domestic joint ventures. To make them successful some special efforts are
required by all the parties involved.

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 Joint Venture Accounting
Setting up accurate Joint Venture accounting is crucial, and best assigned to a
professional. For accounting purposes, there are three main types of JV, each of
which recognizes assets and liabilities a bit differently:
1. Jointly Controlled Operations – while the JV with jointly controlled operations
utilizes the resources and assets of each of the parties, each party incurs its own
expenses, raises its own financing, and contributes its own assets to the venture.
2. Jointly Controlled Assets – the parties jointly own and control the assets
contributed to the JV, as well as the assets acquired by the venture, each receiving
a share of the income and expenses of the venture.
3. Jointly Controlled Entities – this type of JV requires the formation of a separate
legal entity in which each party owns an interest. The newly created entity then
controls the assets, liabilities, revenues, and expenses, of the venture. This jointly
controlled entity maintains its own records for accounting purposes, preparing
financial statements on a regular basis. If a party to the venture contributes money
or other assets to the jointly controlled entity, the contribution is regarded as an
investment.
The Qualified Joint Venture
IRS law permits certain joint venture businesses owned by a married couple to
file business taxes as a Qualified Joint Venture (QJV), rather than a standard
partnership. When filing as a partnership on IRS Schedule C, only one spouse is
credited for social security and Medicare coverage. Filing as a Qualified Joint
Venture, with each spouse reporting a share of the business profits and losses,
enables both spouses to receive social security and Medicare coverage credit. In
order to qualify as a Qualified Joint Venture, the business must meet the
following three conditions:
1. The only members of the JV are a married couple who file a joint IRS tax return
2. Both spouses actively participate in the business
3. Both spouses choose not to treat the business as a partnership

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 Top 20 Joint Venture Companies (JVC) in India
Joint venture or JV is basically a business agreement that develops between two
parties with regards to their ownership of assets and liabilities.

This is a legal concept found between many companies in India. There are also
ventures between Indian companies and foreign companies.
India ranked as the world’s sixth largest economy by Gross Domestic Product
(GDP) in 2017 and has the world’s third highest Purchasing Power Parity,
according to statistics compiled by the World Bank and various other agencies.
Moody’s Investor Service continues to upgrade India’s credit ratings continually,
thanks to economic reforms and ease of doing business strategies being
implemented by the Central and state governments over the last four years.
The Make In India initiative has attractive massive Foreign Direct Investments
and Foreign Institutional Investments into India since 2014. Additionally, India is
also one of the largest consumerist markets in the world.
What This Means?
These figures indicate that doing business in India is worthwhile for any foreign
company. While this country is home to subsidiaries of several Multinational
Companies (MNCs), a growing number of companies are now envisaging interest
in opening Joint Ventures or JVC in India.
This means, companies tie-up with other partners to launch a company. Usually, a
JV involves synergizing technical expertise from one company and utilizing

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physical, manpower and other resources of the local partner to create a profitable
enterprise.
History of JVC in India
Joint Ventures in India is not a new phenomenon. They began during British
colonial rule of the Indian subcontinent. Post-1947, some foreign companies
withdrew their holdings and sold stakes to Indian partners. However, since the
1960s, several new JVs have emerged in India, especially in very vital sectors.
Thanks to India’s vibrant economy, there are several JVs that are flourishing in
this country. Here, we pay tribute to top 15 such Joint Venture companies of
India.
While some companies are JVs between Indian and foreign partners, others are
excellent examples of Indian firms combining forces with international majors to
launch world-class enterprises that offer products and services within and outside
this country. Below we have presented 20 best examples of Joint Ventures in
India.

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 Top 20 Joint Venture Companies in India
1. Hindustan Aeronautics Ltd
Hindustan Aeronautics Ltd is India’s aerospace and defence company with
headquarters in Bangalore, Karnataka. HAL is one of the ‘Navratna’ companies
of India, meaning, it is one of the drivers of this country’s economy while being
of vital service to the nation.
HAL has the highest number of JVs in India. They include JVs for making fixed
wing fighter and civilian aircraft, aircraft engines, helicopters, defence systems
and aerostructures and myriad other aerospace and aeronautics related products.
HAL has JVs with Rosoboronexport, Aviazapchast and Mikoyan-Gurevich
(MiG) of Russia, British Aerospace and Rolls Royce Holdings Ltd of UK, Elbit
Systems, Israel, Merlin-Hawk and Edgewood Ventures of the USA, Snecma of
France, Canadian Aerospace as well as Indian firms Tata Technologies, Infotech
Enterprises, Samtel Group and ICICI Bank, among others. These projects are
worth billions of US Dollars and serve defence needs of India and partner
countries.
2. Vistara
A great example of Indian Joint Venture with a foreign company is the
airline, Vistara, a Full-Service Carrier. Vistara is the brand name of Tata SIA
Airlines Ltd, a JV between India’s corporate giant Tata Sons and Singapore
Airlines (SIA). The airline Vistara commenced operations on January 9, 2015,
with its maiden flight between New Delhi and Mumbai. By end of January 2018,
Vistara operated some 25 destinations in India.
It also holds the unique distinction of being the first airline to operate a domestic
flight out of Terminal-2 from Mumbai’s Chhatrapati Shivaji International Airport.
Tata Sons holds 51 percent stake while SIA controls the remaining 49 percent in
the airline. Vistara has carried some three million passengers since its launch.
The two stakeholders are pumping in billions of US Dollars into Vistara to
expand domestic operations, foray into international markets and expand its fleet
of narrow-body and wide-body aircraft.

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 Vistara is one the most successful joint ventures company in India and is
estimated to hold about four to five percent share of India’s domestic aviation
market.
3. Tata Global Beverages
Tata Global Beverages, a division of Tata Sons has several JVs in India that
produce Fast Moving Consumer Goods. These include:
 Nourish Co Beverages Ltd: With PepsiCo of USA to produce Himalayan brand
of spring water tapped from sources in Himalaya range, Tata Gluco Plus energy
drink and Tata Water Plus, bottled drinking water fortified with Zinc and Copper.
 Tata Starbucks Pvt. Ltd: With Starbucks Corporation, USA which runs a chain
of Starbucks brand coffee shops across India.
4. BrahMos Aerospace
BrahMos Aerospace made history in 2001 when it tested the world’s fastest cruise
missile capable of flying at supersonic speeds of Mach-2.8 to Mach-3.
The name BrahMos is derived from names of Brahmaputra river of India and
Russia’s capital, Moscow. India’s entry into supersonic missile club was led by
BrahMos Aerospace, a JV between India’s Defense Research and Development
Organization (DRDO) and Russia’s NOP Mashinostoryenia.
BrahMos Aerospace currently makes surface-to-surface, air and sea-launched
variants of BrahMos missiles. The JV is currently developing on creating faster
versions of BrahMos versions that have longer strike range.
The only missile worldwide faster than BrahMos is Russia’s Zircon-5, billed as
the world’s fastest and capable of flying over speed of Mach-5. BrahMos can
carry conventional and nuclear warheads.
5. Bharti-AXA General Insurance Co Ltd
Bharti AXA General Insurance Co Ltd is a JV between India’s leading business
group Bharti Enterprises and insurance major from France, AXA.
This leading insurer in India began operations in August 2008. The company is
licensed by Insurance Regulatory and Development Authority of India (IRDAI).

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Bharti AXA offers a comprehensive range of insurance products ranging from
vehicle, health, travel, home and education, among others. Bharti-AXA General
Insurance is among the pioneers of JV in India’s insurance sector.
6. Fratelli Wines
Fratelli Wines is an Indo-Italian JV in that combines Italian expertise and Indian
grapes to produce world class wines. The company’s name Fratelli means
brotherhood. Fratelli Wines is a JV between Secci brothers of Italy, their Indian
counterparts, Sekhri brothers and Mohite-Patil brothers. The company has wine
production unit in Akluj near Solapur in Maharashtra.
Though wines are not widely popular among Indians for various reasons, Fratelli
Wines has launched several pioneering brands that are now popular worldwide
and among wine connoisseurs in this country.
7. Mahindra-Renault Ltd
Another good example of a Joint venture is between Mahindra-Renault, founded
in 2007 brings together India’s largest automobile manufacturer Mahindra &
Mahindra and world renowned vehicle maker, Renault SA of France.
The Indian firm owns 51 percent of this venture while remaining 49 percent stake
is held by Renault. This JV has launched several cars from the Renault stable in
India. These vehicles are manufactured in India with French technology but
components made in this country.
8. VE Commercial Vehicles Ltd
Sweden’s automobile group, Volvo and India’s Eicher Motors Ltd formed this JV
in 2008. VE Commercial Vehicles Ltd.
(VECV) comprises of five divisions, Eicher Trucks and Buses, Volvo Trucks
India, Eicher Engineering Components and VE Powertrain.
“VECV includes the complete range of Eicher’s commercial vehicles,
components and engineering design businesses as well as the sales and
distribution of Volvo trucks. Each of its ‘business units is already well established
and backed by a sizable customer base,” states the company’s website.
9. ApoKos Rehab Pvt. Ltd

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 ApoKos Rehab Pvt. Ltd is a joint venture between Apollo Group of hospitals and
clinics, Asia’s largest caregiver, and KOS Group, Italy, which specializes in
social health and advanced healthcare support system.
ApoKos rehab centers are pioneers in the field of orthopedic rehabilitation of
victims of accidents and other diseases that afflict bones, who require proper
medical care for complete recovery.
ApoKos claims to offer personalized occupational and physical training to
orthopedic patients to help them return to routine life.
10. Network18 Media & Investments
Network18 is a renowned electronic media company owned by India’s corporate
giant Reliance Industries Ltd. Network18 has two successful JVs in India.
 Network18-CNN: This JV between Network18 and America’s Cable News
Network or CNN, a Time-Warner company operates satellite TV channels CNN-
News18, CNBC-News18, CNBZ Awaaz and IBN7.
 Network18 –Viacom: This JV between Network18 and Viacom operates popular
satellite TV channels, Colours, Colours HD, Rishtey and MTV, among others.
11. ICICI Bank ( Insurance & Investments)
India’s private banking giant, ICICI Bank has two successful JVs to offer
insurance products.
 ICICI Prudential Life Insurance Company Ltd: is a joint venture
between ICICI Bank and UK-based Prudential Corporation Holdings Limited.
 ICICI Lombard: is a JV between ICICI Bank and Fairfax Financial Holdings
Ltd of Canada.
Through these JVs, ICICI Bank offers a variety of insurance and investment
products to clients in India and Indian citizens residing in various parts of the
world.
12. AirAsia India
AirAsia India is a JV between Malaysia-based AirAsia Berhad and Tata Sons.
The Malaysian airline company holds 51 percent stake in AirAsia India while
Tata Sons holds the minority, 49 percent.

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 The airline ranks as the fourth largest Low Cost Carrier (LCC) in India and has
headquarters in Bangalore. AirAsia India holds nearly four percent of India’s
LCC air travel market share.
The airline commenced operations on June 12, 2014 from Bangalore to Dabolim
International Airport, Goa. AirAsia India is also the second JV in airline industry
of Tata Sons.
13. Max Life Insurance Co Ltd
Max Life Insurance Company Limited is a JV between Max Financial Services
Ltd and Japan’s Mitsui Sumitomo Insurance Co. Ltd.
A large number of products of Max Life Insurance are retailed online as well as
through reputed Indian financial organizations such as Axis Bank.
Max Life’s insurance and investment schemes include term, health, retirement
and Unit Linked Investment plans, and investment schemes for savings and higher
education.
14. AVI-OIL India Pvt. Ltd
AVI-OIL India Pvt. Ltd is a joint venture between NYCO, France and two state-
owned companies of India, Indian Oil Corporation Ltd and Balmer-Lawrie & Co
Ltd. This is a very important JV for India since AVI-OIL manufactures Aviation
Turbine Fuel (ATF) indigenously.
The company also manufactures specialized and high performance lubricants.
These are generally used in the aviation, aerospace and defense sectors of India.
Some products manufactured by AVI-OIL are customized for use at extremely
high altitudes with freezing temperatures to extremely hot climate typical of
deserts.
15. Transport Corporation of India Ltd
India’s integrated transport and logistics major, Transport Corporation of India
Ltd, has two Joint Ventures (JVs), according to its website.
 Transystem International Pvt. Ltd. (TLI): TLI is a joint venture between TCI
and Mitsui & Co. Ltd. Japan. It is the logistics partner for Toyota Kirloskar
Motors Ltd. in India. TLI provides complete logistics solutions such as in-bound

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 transportation from suppliers in India and abroad to outbound transportation of
Complete Built Units (CBU) and spare parts.
 Infinite Logistics Solutions Private Ltd: This is a TCIL with state-owned
Container Corporation of India Ltd (Concor) for bulk multi-modal logistics
solutions by rail and road. Concor operates International Container Depots at key
locations across the country.
16. PNB MetLife
America’s largest life insurer, Metropolitan Life Insurance Co, better known as
MetLife has JVs with India’s state-owned Punjab National Bank (PNB) to offer
PNB-MetLife insurance plans.
These plans are available to the general public as well as PNB customers. PNB
MetLife plans are also distributed by other Public Sector Undertaking (PSU),
cooperative and private banks in India.
MetLife intends to explore JVs with several more banks to explore better
proliferation of its life insurance products, according to news reports.
17. Aviva India Life Insurance
Aviva India Life Insurance is the first example of an Ayurvedic company of India
diversifying into insurance sector. AILI is a JV between among Dabur India Ltd,
one of the oldest Ayurvedic medicines and cosmetics company of India and Aviva
plc, one of the oldest and highly respected British finance and insurance provider.
Dabur holds stake in this JV through its subsidiary, Dabur Invest Corp. This JV
was formed in 2002. Dabur Invest Corp holds 74 percent state in Aviva India Life
Insurance while Aviva Group holds 26 percent.
Aviva India Life Insurance was among the first private sector companies to enter
the field after the Indian government ended monopoly on life insurance held by
state-owned Life Insurance Corporation of India (LIC) in the year 2000.
18. HDFC ERGO General Insurance Co Ltd
HDFC ERGO General Insurance Company Ltd. is a joint venture between HDFC
Ltd., India’s leading housing finance company and ERGO International AG, the
primary insurance entity of Munich Re Group. HDFC ERGO offers its customers,
a wide range of general insurance products.

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These include automobile/ vehicle, health, travel, home and personal accident
covers for retail segment such as individuals and households. Additionally, HDFC
ERGO also has customized insurance products for covering property, marine and
liability for corporate clients.
19. Dhirubhai Ambani Aerospace Park
Dhirubhai Ambani Aerospace Park is a joint venture between India’s corporate
giant, Reliance Group and global defense company from France, Dassault
Aviation.
The park is located at Multi Modal International Hub Airport, Nagpur (MIHAN).
Agreement for DAAP was signed between the Reliance Group and Dassault
Aviation in October 2018. Under this JV, Reliance and Dassault will design and
manufacture an array of defense equipment required to meet India’s growing
demand for indigenous military hardware.
Additionally, DAAP will also serve as a hub for exporting military equipment to
friendly countries under the Make In India and Skills India initiatives launched by
the government of Prime Minister Narendra Modi.
20. GATI-KWE
GATI-Kintetsu Express Private Limited (GATI-KWE) is a joint venture company
between GATI– India’s leading logistics, distribution and supply chain provider
and Japan’s Kintetsu World Express.
The JV allows GATI-KWE to offer customers in India, a high-quality logistics
service using various modes of transportation across different terrain.
“GATI-KWE is a 3500 people strong company with an intrinsic network that
spans the length and breadth of India – GATI-KWE has a reach of 99.3 percent
covering 667 districts out of 671 districts in India with a fleet size of more than
4,000 vehicles,” states the company website.

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 Conclusion
At the end of the day, running a successful joint venture is a matter of give and
take. One disadvantage, of course, is that Castrol does not have 100% of the
ownership and takes only a part share of profits and dividends. However, this is
counterbalanced by the benefits of working in partnership with a local company -
a better understanding of the culture, market and ways of operating in an
emerging nation.
Castrol Vietnam is almost exclusively run by local Vietnamese people, who have
the best understanding of the local market and of appropriate ways of dealing with
local customers. The Vietnamese Government is also far more likely to favour
business organisations in which the power and decision-making basis has a strong
local flavour.

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 Bibliography

https://legaldictionary.net/joint-venture/
https://thingsinindia.in/joint-venture-companies-in-india/
https://business.mapsofindia.com/doing...india/innovation-and-business-in-
india.html

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