Both the companies have signed agreement to set up a joint venture firm at Hisar in Haryana. While Jindal Defence will hold 51 per cent equity stake, Taurus Armas would have the rest 49 per cent, the company said in a statement.
"The JV company will manufacture small arms in India based on the transfer of technology from Taurus to achieve localization of production in accordance with the defence procurement procedures," the OP Jindal Group firm said.
This partnership aims to maximise existing domestic opportunities in the small arms manufacturing sector and provide significant support to the ongoing and future modernisation plans of the armed forces, particularly the Indian Army, para-military, and state police forces, the company said.
"To further strengthen the make in India vision, our collaboration with Taurus Armas will support self-reliance in strategic small arms manufacturing. The JV envisages creation of world-class infrastructure along with adoption of best manufacturing practices to achieve perfection in design and engineering, and achieve high quality standards," Jindal Defence Promoter Abhyuday Jindal said.
He further said that the move is in sync with the government''s vision of greater private sector participation in defence hardware manufacturing.
The joint venture agreement was signed on Monday at the first Brazil–India Defence industry dialogue of the India-Brazil Business Forum (IBBF), organised by the Ministry of External Affairs in association with CII, Assocham, and Ficci. PTI PSK BAL BAL
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI