January 27, 2020 / 10:45 AM / 25 days ago

Brazil's Taurus signs deal with steel group Jindal to produce guns in India: filing

FILE PHOTO: An employee from gun manufacturer Taurus Armas SA works at the company's assembly line in Sao Leopoldo, Brazil January 15, 2019. REUTERS/Diego Vara

SAO PAULO (Reuters) - Brazilian gunmaker Taurus Armas SA has signed a joint venture with Indian steelmaker Jindal Group to produce and sell guns in India, according to a securities filing on Monday.

Under the agreement, Jindal will hold a 51% stake in the venture and Taurus the remaining shares, the Brazilian company said.

The deal was signed during Brazilian President Jair Bolsonaro’s visit to India. Bolsonaro, who was elected in January 2019, has long advocated broadening gun laws to fight crime.

Taurus said the JV will open a gun factory in India to produce different kinds of firearms.

Reporting by Carolina Mandl; Editing by Jan Harvey

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