India and Russia are likely to sign the contract worth Rs 5200 Crores for the joint manufacturing of AK-203 rifles during the Russian President Putin’s visit to India in the coming week. Previously in February 2019, an Inter-Governmental Agreement (IGA) has been signed between India and Russia. And later on, a JV company - Indo-Russian Rifles Pvt. Ltd. (IRRPL) was formed for the manufacturing the rifle in India. The JV Company has been licensed to produce 6.01 Lakh AK-203 assault rifles chambered for 7.62×39 mm. About 1 lakh rifles will come directly from Russia and the remaining will be manufactured by the Ordnance factory at Korwa, Uttar Pradesh. The AK-203 rifles will replace the in-service INSAS rifles inducted over three decades back.