A four-year-old Indian weapons company has emerged as the lowest bidder for a contract to upgrade a small number of Indian Army’s AK-47 assault rifles, beating off competition from an established Israeli rival and getting a toehold in the Indian small arms market, officials familiar with the development said on Sunday.Bengaluru-based SSS Defence has edged out Israel’s Fab Defense that produces tactical equipment and weapon accessories, and has upgraded Kalashnikov rifles for the Indian Army, said one of the officials cited above. SSS Defence is a manufacturer of small arms, ammunition and weapon accessories.The Indian firm will upgrade an initial...