an association of companies for some definite purpose
"The new tech consortium was formed by five major software firms to develop a unified cloud security standard."
An association or combination of businesses, financial institutions, or investors, for the purpose of engaging in a joint venture.
"The three major banks formed a consortium to fund the new renewable energy project."
In plain English: A consortium is when several different groups join together to work on something big that they couldn't handle alone.
"Several major banks formed a consortium to fund the new airport project."
Usage: A consortium is a formal alliance where independent companies pool resources to pursue a specific shared goal, such as funding a large project. Use this term instead of "group" when emphasizing that distinct organizations are collaborating rather than merging into a single entity.
The word consortium was borrowed into English from Latin, where it originally meant a partnership or joint ownership. It entered the language as a learned term to describe an association of individuals or companies working together for a common purpose.