Shah aafreen mohammed amin is a student pursuing an MCom in Business Management from roll number 109 in part 1, semester 2. A strategic alliance is an agreement between two or more independent firms to cooperate toward common goals while maintaining their separate identities, unlike a joint venture which forms a new entity. Strategic alliances allow companies to share resources for mutual benefit on specific projects while retaining autonomy and gaining new opportunities. They can help companies develop better processes, enter new markets, or gain competitive advantages.