Israel Weapon Industries (IWI) and India's Punj Lloyd companies has set up a joint venture to manufacture small armed varied from assault rifles to carbines, light machine guns and snipers.
The joint venture will manufacture 5,56x45mm Tavor assault rifles, semi-automatic Negev (5,56X45mm and 7,62X51mm) assault light machine gun and 7,62x51mm semi-automatic Galil sniper rifles.
Punj Lloyd has invested $4 million for this particular business.