List of Top 20 Joint Venture Companies

(JVC) in India
 February 19, 2018  30,587 Views  13 Min Read

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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 gures indicate that doing business in India is worthwhile for any foreign company.

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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.

Joint Venture Companies in India

Manufacturer Companies

Companies India List Major

Company India List LTD

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 pro table 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 ourishing 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 rms combining forces with international majors to launch world-class enterprises that
o er products and services within and outside this country. Below we have presented 20 best
examples of Joint Ventures in India.

Top 15 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 xed wing ghter and
civilian aircraft, aircraft engines, helicopters, defence systems and aerostructures and myriad
other aerospace and aeronautics related products.

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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 rms 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.
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Vistara is the brand name of Tata SIA Airlines Ltd, a JV between India’s corporate giant Tata Sons
and Singapore Airlines (SIA).

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The airline Vistara commenced operations on January 9, 2015, with its maiden ight 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 rst airline to operate a domestic ight 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 eet 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 ve 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 forti ed with Zinc and Copper.
 Tata Starbucks Pvt.Ltd: With Starbucks Corporation, USA which runs a chain of Starbucks brand
co ee shops across India.

        
4. BrahMos Aerospace
BrahMos Aerospace made history in 2001 when it tested the world’s fastest cruise missile capable
of ying 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 ying over speed of Mach-5. BrahMos can carry conventional and nuclear

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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).

Bharti AXA o ers 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 rm 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 ve divisions, Eicher Trucks and Buses, Volvo Trucks India, Eicher
Engineering Components and VE Powertrain.

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“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 eld of orthopedic rehabilitation of victims of accidents
and other diseases that a ict bones, who require proper medical care for complete recovery.

ApoKos claims to o er 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.
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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.

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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 o er 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 o ers 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.

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 nancial 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.

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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 transportation from suppliers in India and abroad
to outbound transportation of Complete Built Units (CBU) and spare parts.

In nite 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 o er 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 rst 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 nance 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 rst private sector companies to enter the eld 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

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HDFC ERGO General Insurance Company Ltd. is a joint venture between HDFC Ltd., India’s leading
housing nance company and ERGO International AG, the primary insurance entity of Munich Re
Group. HDFC ERGO o ers 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.

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 o er customers in India, a high-quality logistics service using various
modes of transportation across di erent 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 eet 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 intrinsic expertise of various companies
for mutual bene t. 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.

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This will enable Indian rms to come at par with those in developed countries while o ering
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
nance, defence and aerospace to alcoholic drinks.

There are scores of other JVs in India that continue to serve the country and its economy. The above
list is not indicative of any rankings or nancial standing of a company: it is generated at random.

In coming years, we can expect to see 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 pro ts, NTT DoCoMo walked out of the alliance, though the brand continues in
India.

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mmk
August 5, 2015 at 4:19 pm

THIS page use iam best and good of business

THANQ
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