This follows a flurry of high level defence delegations from Brazil visiting India recently.
During the latest such visit, Brazil's defence products secretary Rui Mesquita told Mint that the two countries were looking at agreements on sharing military information and cooperation on defence technology.
The short-list for co-development of defence products includes armoured cars and small arms. Defence companies from both nations are closely involved in the discussions, according to the people familiar with the developments.
The Indian government and the Brazilian embassy in New Delhi did not immediately reply to emailed queries on the development.
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