Defence Minister Rajnath Singh on Tuesday reviewed the operationalisation of newly dedicated joint venture -- Indo Russian Rifles Private Limited (IRRPL) -- at Korwa in Uttar Pradesh for the production of AK 203 assault rifles.
In a high-level meeting, IRRPL's Chief Executive Officer (CEO) Major General Sanjeev Senger said that it is a joint venture between India's Ordnance Factories Board (OFB) and Rosonboron Exports and Concern Kalashnikov of Russia.
"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 licenses for production and export. Board meeting of the JV had been held and the initial set of officers from the Army and OFB have joined the JV to kick-start its operations," said an official release by the Defence Ministry.
"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 the supply of 6.71 lakh rifles," it said.
Senger also briefed the Defence Minister about the potential of the project to act as a catalyst for Uttar Pradesh Defence Corridor as the JV, when fully operational, is expected to source a number of components and services from MSMEs.
The corridor is expected to bring in investment and employment in the region.
Singh appreciated the efforts to implement the project so far and directed that all activities for speedy implementation of the project should be taken up on priority.
The Defence Minister 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 Sanjay Mitra, Secretary, Defence Production, Dr Ajay Kumar and other senior officials of the Defence Ministry.
( With inputs from ANI )