MOSCOW, November 23. /TASS/. A contract for the delivery of the latest AK-203 assault rifles to India’s Defense Ministry may be signed before the end of this year, the Kalashnikov firearms manufacturer told TASS on Tuesday.

"The project approval has entered the final phase and it may be signed already before the end of 2021 upon reaching key agreements," the company’s press office said.

In the process of preparing the contract, "Russian and Indian specialists carried out large-scale preparatory work," it said.

After the sides sign the contract, the licensed production of the assault rifles can begin in the immediate future, the Kalashnikov press office added.

"In this case, the production of AK-203s for the armed forces of India will begin in early 2022," it said.

The Indo-Russian Rifles Private Limited (IRRPL), a joint Russia-India rifle manufacturing facility was set up in the town of Korwa in the Indian state of Uttar Pradesh in March 2019. The JV is expected to produce about 700,000 AK-203 assault rifles under the license, with the firearms production to be completely based on India’s soil.