Joint ventures have existed in India since British colonial rule, though many new joint ventures emerged in the 1960s, especially in vital sectors. A joint venture is a partnership where two or more firms carry out a specific business project together. Reasons for joint ventures include one firm needing access to another's local distribution, the size of a project being too large for one firm, or firms combining complementary technologies. Joint ventures provide benefits like risk sharing, but also disadvantages like potential conflicts between partners.