India and Russia have finalised a major deal for manufacturing AK-47 203 rifles in India during defence minister Rajnath Singh's ongoing visit, the official Russian media reported. The AK-47 203 is the latest and most advanced version of the AK-47 rifle, which will replace the Indian Small Arms System (INSAS) 5.56x45 mm assault rifle. The Indian Army has a requirement for around 770,000 AK-47 203 rifles, of which 100,000 will be imported and the rest will be manufactured in India, Russia's state-run Sputnik news agency said. 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.