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n a boost to the fledgling domestic small arms industry, two latest Israeli assault rifles — the Arad and the Carmel — are set to be manufactured in India, ThePrint has learnt.
The assault weapons are to be produced under the ‘Make in India’ initiative in Madhya Pradesh, where a plant had been set up in 2017 by Israel Weapons System (IWI) in a joint venture called PLR Systems.
While Punj Llyod originally held 51 per cent shares in the joint venture, it was bought over by a company called Fouraces System India Private Limited with the Indian conglomerate facing debt issues. Read More…
