Joint ventures or enterprises can be defined as those businesses in which private investors and governments are in partnership. In other words, these are ventures which are set up by government in collaboration with private firms. One of the major purposes of setting up a joint venture is to combine some of the advantages of government and private ownership and reduce the problems of complete government or private ownership. It also eliminates the inefficiency associated with public corporations. Government can participate in joint venture with private firms in various ways. Some of the ways include: Acquisition of part of the ownership of an already existing company. Government may provide a…