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.
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.
The 7.6239 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.
The cost of per rifle is expected to be around $1,100, including the cost of technology transfer and of setting up the manufacturing unit, according to the report.
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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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