Jindal Defence, part of O P Jindal Group on Monday announced its advent into small arms manufacturing in India with the company signing a joint venture (JV) agreement with Taurus Armas S.A., of Brazil for manufacturing small arms.
"Jindal Defence, part of O P Jindal Group, today announced its advent into small arms manufacturing in India. In a move aimed towards empowering indigenous manufacturing, Jindal Defence has signed a joint venture (JV) agreement with Taurus Armas S.A., of Brazil for manufacturing an array of small arms," an official statement said in this regard said.
According to the statement, the JV agreement was signed today at the 1st Brazil-India Defence Industry Dialogue of the India-Brazil Business Forum (IBBF), orgsed by the Ministry of External Affairs, Government of India in association with CII, ASSOCHAM, and FICCI.
This forum is part of a business exchange program hosted in honour of Brazilian President Jair Bolsonaro's official visit to India.
The agreement proposes setting up of a JV Company at Hisar (Haryana) with equity participation from both, Jindal Defence and Taurus Armas S.A, in the equity ratio of 51:49. the statement informed.
The JV Company will manufacture carbine, assault rifle, pistols and revolver in India based on the Transfer of Technology from Taurus to achieve localisation of production in accordance with the Defence Procurement Procedures.
"To further strengthen the 'Make in India' vision of Prime Minister, our collaboration with Taurus Armas S.A. will support self-reliance in strategic small arms manufacturing. The JV Company envisages the creation of world-class infrastructure along with the adoption of best manufacturing practices to achieve perfection in design and engineering and achieve high-quality standards. Moreover, with the technological expertise emerging with this JV, we aim to support the emerging demands of the Indian Armed Forces," Abhyuday Jindal, Promoter, Jindal Defence was quoted as saying.
The statement mentioned that the partnership aims to maximise existing domestic opportunities in the small arms manufacturing sector and provide significant support to the ongoing and future modernization plans of the Armed Forces, particularly the Indian Army, the Para-Military, and State Police Forces.
Taurus Armas S.A, Brazil is one of the largest firearms manufacturers in the world, with a wide range of small arms in its portfolio.
( With inputs from ANI )