Indian Army to get 72,400 Sig Sauer Assault Rifles; deal priced at Rs 700 cr
India has signed a contract with a US firm for 72,400 assault rifles at a cost of around Rs 700 crore, Defence Ministry officials said Tuesday.

India has signed a contract with a US firm for 72,400 assault rifles at a cost of around Rs 700 crore, Defence Ministry officials said Tuesday. The rifles, being used by US forces as well as several other European countries, are being bought under the fast-track procurement procedure.
India has signed the contract for Sig Sauer Assault Rifles with the US under fast track procurement (FTP) and as part of the agreement, India will get around 72,400 7.62mm rifles from US firm SiG Sauer in one year from this day, the officials said. These new assault rifles will come at a cost of around Rs 700 crore, they said.
The Indian Armed Forces are currently equipped with 5.56x45 mm INSAS Rifle. There is an urgent requirement of replacing the in-service 5.56X45 mm INSAS Rifle with a 7.62X51mm Assault Rifle which is compact, robust, modern in technology and simple to maintain in field conditions, the officials said.
Defence Minister Nirmala Sitharaman had earlier this month approved the procurement of the Sig Sauer rifles, which will be used by troops deployed along the nearly 3,600-km border with China. In October, 2017, the Army began the process to acquire around 7 lakh rifles, 44,000 light machine guns (LMGs) and nearly 44,600 carbines.
Around 18 months ago, the Army had rejected an assault rifle built by the state-run Rifle Factory, Ishapore, after the guns miserably failed the firing tests. Following this, the Army started scouting for rifles from the global market.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES

Retirement Planning: How one-time investment of Rs 11,00,000 can create a Rs 3,30,00,000 retirement corpus

Monthly Pension Calculations: Is your basic pension Rs 25,000, Rs 45,000, or Rs 55,000? Know what can be your total pension as per latest DR rates

SBI Senior Citizen FD Rates: Want to invest Rs 3,00,000 in SBI FD? You can get this much maturity amount in 1 year, 3 years, and 5 years

Top 7 Flexi Cap Mutual Funds With Highest Returns in 1 Year: Rs 1,50,000 one-time investment in No. 1 fund is now worth Rs 1,78,740; know how others have fared

9 Stocks to Buy for Short Term: Analysts recommend largecap, midcap stocks for 2 weeks; IndusInd Bank, Coforge, MOFSL on the list

SBI 5-Year FD vs SCSS: Which investment option can offer better returns with quarterly payments on Rs 6,00,000?

UPS vs NPS vs OPS: Last-drawn basic salary Rs 80,000; pensionable service 25 years; what can be your monthly pension in each scheme
07:31 AM IST