This document discusses joint ventures (JVs) and lessons learned from HPCL's experiences implementing JV models. [1] It outlines HPCL's existing JVs and the industries and activities they cover such as refining, biofuels, bitumen products, LPG storage, and pipelines. [2] It presents HPCL's HR model for aligning with JVs which focuses on strategic, change management, process and people aspects. [3] It describes the life cycle of change for JVs including establishing strategic intent, benchmarking, customizing, implementing, integrating, spinning off, and reassessing.