<p>India and Russia have finalised a major deal for manufacturing AK-47 203 rifles in India during Defence Minister Rajnath Singh’s ongoing visit here, the official Russian media reported on Thursday.</p>.<p>The AK-47 203 is the latest and most advanced version of the AK-47 rifle, which will replace the Indian Small Arms System (INSAS) 5.56x45 mm assault rifle.</p>.<p>The Indian Army has a requirement for around 770,000 AK-47 203 rifles, of which 100,000 will be imported and the rest will be manufactured in India, Russia’s state-run Sputnik news agency said.</p>.<p>The rifles will be manufactured in India as part of the joint venture Indo-Russia Rifles Private Limited (IRRPL), established between the Ordnance Factory Board (OFB), the Kalashnikov Concern and Rosoboronexport -- the Russian state agency for military exports, it said.</p>.<p>The OFB would own a majority stake of 50.5 per cent in IRRPL while the Kalashnikov Group would have a 42 per cent share. Russia’s state-owned export agency, Rosoboronexport, would own the remaining 7.5 per cent, the report said.</p>.<p>The 7.62×39 mm Russian weapon will be produced at the Korwa Ordnance Factory in Uttar Pradesh, which was inaugurated by Prime Minister Narendra Modi last year, the report said.</p>.<p>The cost of per rifle is expected to be around USD 1,100, including the cost of technology transfer and of setting up the manufacturing unit, according to the report.</p>.<p>The INSAS, which is use since 1996, has developed some issues such as jamming and magazine cracking at higher altitudes in the Himalayas, the Sputnik report said.</p>
<p>India and Russia have finalised a major deal for manufacturing AK-47 203 rifles in India during Defence Minister Rajnath Singh’s ongoing visit here, the official Russian media reported on Thursday.</p>.<p>The AK-47 203 is the latest and most advanced version of the AK-47 rifle, which will replace the Indian Small Arms System (INSAS) 5.56x45 mm assault rifle.</p>.<p>The Indian Army has a requirement for around 770,000 AK-47 203 rifles, of which 100,000 will be imported and the rest will be manufactured in India, Russia’s state-run Sputnik news agency said.</p>.<p>The rifles will be manufactured in India as part of the joint venture Indo-Russia Rifles Private Limited (IRRPL), established between the Ordnance Factory Board (OFB), the Kalashnikov Concern and Rosoboronexport -- the Russian state agency for military exports, it said.</p>.<p>The OFB would own a majority stake of 50.5 per cent in IRRPL while the Kalashnikov Group would have a 42 per cent share. Russia’s state-owned export agency, Rosoboronexport, would own the remaining 7.5 per cent, the report said.</p>.<p>The 7.62×39 mm Russian weapon will be produced at the Korwa Ordnance Factory in Uttar Pradesh, which was inaugurated by Prime Minister Narendra Modi last year, the report said.</p>.<p>The cost of per rifle is expected to be around USD 1,100, including the cost of technology transfer and of setting up the manufacturing unit, according to the report.</p>.<p>The INSAS, which is use since 1996, has developed some issues such as jamming and magazine cracking at higher altitudes in the Himalayas, the Sputnik report said.</p>