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December 6, 2021

India and Russia sign AK-203 rifle deal

India will produce more than 600,000 AK-203 assault rifles to replace the in-service INSAS rifles.

India and Russia have agreed a deal for the joint production of AK-203 assault rifles at a facility in the Indian state of Uttar Pradesh.

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The agreement was signed during Russian President Vladimir Putin’s visit to India for a bilateral summit with Indian Prime Minister Narendra Modi.

A special-purpose joint venture (JV) called Indo-Russian Rifles Private Ltd (IRRPL) will be carrying out the assault rifle project.

According to The Economic Times, Indian Defence Minister Rajnath Singh has signed contracts with his Russian counterpart General Sergey Shoigu to produce more than 600,000 AK-203 assault rifles through IRRPL.

The deal will value approximately $676m (Rs51bn).

The 7.62 X 39mm calibre rifles are expected to replace the in-service INSAS rifles that were introduced three decades ago.

Minister Singh said on Twitter: “Had a productive, fruitful and substantial bilateral discussions on defence cooperation with the Russian Defence Minister, General Sergey Shoigu in New Delhi today. India values its special and privileged strategic partnership with Russia.

“India deeply appreciates Russia’s strong support for India. We hope that our cooperation will bring peace, prosperity and stability to the entire region.

“Glad that a number of Agreements/Contracts/Protocols were signed pertaining to small arms and military cooperation.”

The two countries also renewed their military technology cooperation for 2031.

India is also procuring S-400 Triumph surface-to-air missile (SAM) systems from Russia. The delivery of the first set of S-400 units is expected by the end of this year.

In a separate development, Bharat Dynamics Limited (BDL) signed a contract with the Indian Army to refurbish its IGLA-1M missiles. The deal has an estimated value of $62.5m (Rs4.7bn).

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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  Consult our full report here and optimize your business strategy.
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