Explore India’s Top 20 Joint Venture Companies (JVCs) in 2024

A joint venture or JV is basically a business agreement that develops between two parties with regard to their ownership of assets and liabilities.

This is a legal concept found between many companies in India. There are several joint ventures between Indian companies and foreign companies.

According to statistics compiled by the World Bank and various other agencies, 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.

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 Does This Mean?

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 physical manpower and other resources of the local partner to create a profitable enterprise.

History of Joint Venture Companies 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 the top 20 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.

List of Top 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.

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:

  • NourishCo 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 the Insurance Regulatory and Development Authority of India (IRDAI).

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

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 a 51 per cent stake in AirAsia India, while Tata Sons holds the minority, 49 per cent.

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 the 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, as well as 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 in India, Indian Oil Corporation Ltd and Balmer-Lawrie & Co Ltd.

This is an 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 India’s aviation, aerospace, and defense sectors.

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

According to its website, India’s integrated transport and logistics major, Transport Corporation of India Ltd, has two Joint Ventures (JVs).

  • 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 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 the 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.

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.


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 per cent covering 667 districts out of 671 districts in India with a fleet size of more than 4,000 vehicles,” states the company website.

Joint Ventures in India

Joint Ventures are viewed as an excellent way of blending the intrinsic expertise of various companies for mutual benefit. For Indian companies, JVs are becoming increasingly important.

As the country surges to consolidate its position as an economic power and industrial giant, there is an urgent need to bring world-class products and services into the Indian market.

This will enable Indian firms to come at par with those in developed countries while offering consumers and industries better choices of services and products.

Wrap Up

As we have seen, Indian companies have JVs in almost every sector, from food and beverages to finance, defence and aerospace to alcoholic drinks.

Scores of other JVs in India continue to serve the country and its economy. The above list does not indicate any rankings or financial standing of a company; it is generated randomly.

In the coming years, we can expect more JVs between Indian companies and their foreign counterparts. Unfortunately, not every JV is successful, as was proved in the past in India and elsewhere in the world.

A classic example of a failed Joint Venture in India was between Tata Teleservices and Japan’s NTT DoCoMo, which launched the Tata-DoCoMo range of Global System for Mobile (GSM) and Code Division Multiple Access (CDMA) mobile phone services in India.

Unable to make profits, NTT DoCoMo left the alliance, though the brand continues in India.

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