The Indian corporate governance scenario features twin structures of the regulatory frameworks created by the Ministry of Corporate Affairs and the Securities and Exchange Board of India respectively, as well as the Companies Act, 2013. The latter, together with the Limited Liability Partnership Act, 2008 and the Foreign Exchange Management Act 1999, also envisage the various modalities of joint venture operations, including those entered in collaboration with foreign entities. Given the need for legal and management-level synergies in such collaborative operations having cross-border implications, it is imperative that said operations receive coordinated cooperation from all the players involved in the Indian financial market from the perspective of corporate governance, thereby strengthening their own structural and operational integrity. Such a need has been supported by global institutions such as the World Bank Group. While India is not a member of the OECD, the foreign direct investment inflow to India that occurs via the joint venture route comes from multiple countries that are OECD members –the latter need to adhere to globally accepted corporate governance norms in course of such transactions. The TATA Sons and Singapore Airlines’ joint venture in the form of Vistara serves as an illustrative example. Initiatives such as ‘Make in India’ have not only sought to expand the already huge consumer market that the country represents, but also sought to encourage Indian companies to attract foreign funds and improve operational efficiency including internal management and governance practices, so as to better cope with stakeholder demands, create value, reduce foreign or non-resident participant transaction costs, and remain better prepared to absorb the shock of global as well as regional economic crises. The absence of proper corporate governance norms is likely to encourage inefficiency and adversely affect the effectiveness of agents and firms alike, thereby dissipating stakeholder return and enhancing the risks involved in joint ventures. In course of this paper, the authors intend to examine the role that corporate governance norms play in the Indian context to manage the organizational risks associated with joint ventures, to facilitate FDI inflow into the Indian economy and to enhance existing market power mechanisms for leveraging the benefits of corporate synergy and overcoming the barriers for new market entrants