Indian firm Jindal Defence and Brazilian firearms specialist Taurus Armas have signed an agreement to form a joint venture (JV) near New Delhi to produce small arms for the Indian defence market, the two companies have announced.
Jindal Defence, a subsidiary of the Jindal conglomerate, will own a 51% stake in the JV, with Taurus Armas holding the remainder. Total initial investment in the JV is about USD5 million. The Brazilian company will support the JV through transfers of technology and knowhow, said a statement.
The JV will be focused on manufacturing a range of Taurus Armas products. These include pistols, revolvers, rifles, and submachine guns.
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