Jindal Defence in JV with Brazil's Taurus Armas for making small arms

Initial investment of $5 million, production to start by September

Delhi-based Jindal Defence, part of O P Jindal Group, today announced its foray into small arms manufacturing in India via a joint venture (JV) agreement with Taurus Armas S.A., of Brazil.

With an initial investment of $5 million in a project that is to be developed in phases, the agreement proposes setting up a plant at Hisar (Haryana). The venture has equity participation from Jindal Defence and Taurus Armas S.A, in the equity ratio of 51:49.

This move by the Abhyuday Jindal-promoted Jindal Defence is expected to bolster Indo-Brazil cooperation in the strategic defence sector, the former said in a