|MINT|
The Russian President Vladimir Putin during his visit to India inked the major deal with India worth over ₹5,100 crore for producing AK-203 assault rifles within the country. AK-203 assault rifle deal would going to be produced in Amethi, Uttar Pradesh. The production of the over five lakh rifles by the India-Russia joint venture company would see a complete transfer of technology within seven years of signing the contract.
The two sides were also discussing the conclusion of the Igla air defence system deal but that is not likely to be signed during this visit, sources said. Of the 7.5 lakh rifles to be acquired by the Indian Army, the first 70,000 will include Russian-made components as the transfer of technology happens slowly. These will be delivered to the army 32 months after the production process begins.
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