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

SAO PAULO: Brazilian gun maker 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.