India is witnessing a revolution both in the context of liberalization and globalization of its economy and transacting business through Joint Ventures set up with foreign partners across various industry sectors. As the economy is moving upwards many foreign companies are eying for entry in Indian market to take its inherent advantage and joint ventures are one of the effective ways of entry in a foreign market like India. Joint ventures are like double edged sword which can lead to successful survival of partners or can result in bitter experiences. This paper critically appraises the potentiality of joint venture as a strategy for companies to enter international markets and the reasons of failures of these ventures.