Option 1 states that Petrofils Cooperative Limited is a joint venture of the Government of India and Weavers` Cooperative Societies. This means that both the government and the weavers` cooperative societies have come together to form Petrofils Cooperative Limited.

Option 2 states that Petrofils Cooperative Limited is under the administrative control of Weavers` Cooperative Societies. This means that the Weavers` Cooperative Societies have the authority to manage and govern Petrofils Cooperative Limited.

The correct answer is option 3, which states that both statements 1 and 2 are correct. This means that Petrofils Cooperative Limited is indeed a joint venture of the Government of India and Weavers` Cooperative Societies, and it is also under the administrative control of Weavers` Cooperative Societies.

It is important to note that the answer provided is generally correct. However, without additional information, it is not possible to definitively say if the government has a joint venture with Weavers` Cooperative Societies or if Petrofils Cooperative Limited is solely under the administrative control of Weavers` Cooperative Societies.