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September 4, 2020updated 08 Sep 2020 9:19am

India and Russia to finalise AK-47 203 rifle deal

India and Russia are set to finalise a deal for AK-47 203 rifles, which will replace the Indian Small Arms System (INSAS) 5.56mm × 45mm assault rifle.

India and Russia are set to finalise a deal for AK-47 203 rifles, which will replace the Indian Small Arms System (INSAS) 5.56mm × 45mm assault rifle.

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The deal will be finalised during Indian Defence Minister Rajnath Singh’s ongoing visit to Moscow, reported Russian news agency Sputnik.

The Indian Army has a requirement of around 770,000 AK-203 rifles. Around 100,000 units will be imported from Russia, while the remaining equipment will be manufactured locally.

The rifles will be manufactured in India by a joint venture (JV) called Indo-Russia Rifles (IRPL).

India’s Ordnance Factory Board (OFB) will hold a 50.5% stake in the company, while the Kalashnikov Concern and Russian state agency for military exports Rosoboronexport will have 42% and 7.5% interests respectively.

The rifles will be manufactured at the Korwa Ordnance Factory in the Indian state of Uttar Pradesh.

The Indian Armed Forces are expected to use the weapons for counter-terrorism operations.

The INSAS 5.56mm × 45mm assault rifle has been used by the armed forces since 1996. However, the weapon is being replaced after complaints of jamming and magazine cracking at higher altitudes.

Notably, India is engaged in a military standoff with China in the Ladakh region. This has led to the mobilisation of troops and equipment build-up across the line of actual control (LAC) by both armies.

India has also accelerated investments in the defence sector to enhance capabilities.

The government recently signed contracts for Pinaka missile systems for the army.

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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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