India Signs Rs 700-Crore Defence Contract with US to Procure 72,400 Assault Rifles

• India and United States have signed a contract under which India will procure 72,400 Assault Rifles from US firm SiG Sauer.
• The new Assault Rifles will incur a cost of around 700 crore.
• The rifles are being bought under fast track procurement (FTP) procedure and will be delivered within a period of 12 months beginning February 12, 2019.
• The 7.62 mm Sig Sauer Assault Rifles are compact, robust, modern in technology and simple to maintain in field conditions.
• The Indian Armed Forces are currently equipped with 5.56×45 mm INSAS Rifle, built and developed by state owned Ordnance Factory Board (OFB), which needed to be replaced on urgent basis