My understanding is You want to form a JV for a project with some other entities for working as a vendor Jointly for an establishment and the Contract is between you and the establishment.
As far as CLRA is concerned, there is no difference between Contractor and Subcontrctor, The Supreme Court has observed the position in Gammon India Ltd. and Ors. v Union of India (UOI) and Ors,thecourt has put the contractor and sub-contractor on the same pedestal qua the establishment, in terms of the CLRA Act They are both doing the work of the establishment, and therefore Form-V has to be issued by the Principal Employer.
Now comes the practical difficulty Some of licensing officers ask for the contract between the Sub-Contractor and the Principle Employer to understand the particulars relevant to employment of the Contract Labour along with Form V, it is not practically tenable. The only way is to attach your JV/subcontracting document along with the original contract plus form v and request the officer to accept the same.