RM reviews AK-203 JV

RM reviews AK-203 JV

Thu, 07/18/2019 - 19:33
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PIB, July 16

Raksha Mantri Shri Rajnath Singh reviewed operationalisation of newly dedicated joint venture Indo Russian Rifles Private Limited (IRRPL) at Korwa in Uttar Pradesh for production of AK 203 assault rifles in a high level meeting, here today.

Chief Executive Officer of IRRPL Maj Gen Sanjeev Senger mentioned it is a joint venture between Ordnance Factories Board (OFB) on the Indian side, and Rosonboron Exports and Concern Kalashnikov on the Russian side. The OFB owns 50.5 per cent equity and Russian side the remaining 49.5 per cent. The JV is formed consequent to the Inter-governmental Agreement signed between India and Russia in February 2019. Further that in a short span of time the JV has obtained all requisite licences for production and export. Board meeting of the JV had been held and initial set of officers from the Army and OFB have joined in the JV to kick-start its operations. Close coordination and regular interactions are being held with Russian partners for smooth implementation of the project. The JV was in process of filing its response to the RFP floated by MoD for supply of 6.71 lakh rifles.

The IRRPL CEO also briefed the Raksha Mantri about the potential of the project to act as catalyst for UP Defence Corridor as the JV, when fully operational is expected to source a number of components and services from MSMEs. This is expected to bring in investment and employment in the region.

Raksha Mantri appreciated the efforts to implement the project thus far and directed that all activities for speedy implementation of the project should be taken up on priority. He also stressed the need for 100 per cent indigenisation of the rifle as per the project understanding and focusing on export of the rifles from IRRPL to other friendly countries.

The meeting was also attended by Defence Secretary Shri Sanjay Mitra, Secretary (Defence Production) Dr Ajay Kumar and other senior officials of the Ministry.