RIO DE JANEIRO Ė Taurus, the largest arms manufacturer in Brazil and one of the largest in the world, announced Monday the creation of a joint venture with Indian company Jindal Group.
The new subsidiary, which will have a 51 per cent stake in the capital of the Jindal Group and 49 per cent of Taurus, will allow the production and marketing of weapons in India, both for the civil and military markets.
The final agreement was signed on Monday during an official visit by Brazilian President Jair Bolsonaro to the Asian country, according to a statement from Taurus.
During the visit of the right-wing leader, who arrived in India on Friday with a markedly economic agenda, more than 15 agreements have been signed with the Asian nation that cover areas such as oil investment and trade.
The creation of the new subsidiary between Taurus and the Jindal Group will make way for the implementation of a weapons factory in India for the production of rifles, guns and revolvers.
The agreement was made under the Make in India program promoted by Indian Prime Minister Narendra Modi, which encourages import substitution and the installation of industries in the Asian country.
The Jindal Group is the largest steel manufacturer in India, and one of the 10 largest companies in the world and 200,000 employees worldwide.
The Brazilian Taurus, with 80 years of history, is headquartered in the town of Sao Leopoldo, in the state of Rio Grande do Sul, southern Brazil.
It employs around 2,000 people in Brazil and exports to more than 100 countries.
The new Taurus subsidiary in India joins one that the Brazilian arms company has in the United States, where in December last year it opened a new plant with which it expects to double its production up to 800,000 weapons per year.
This is not the first approach that Taurus has with India.
The Companhia Brasileira de Cartuchos the main shareholder of the Taurus, already has a joint venture with the Indian SSS Springs for the production of cartridges for military and hunting use in the Asian nation.