Indeed it is. http://www.remington.com/library/history/firearm_models/centerfire/model_742.asp
Description: Autoloading Rifle
Introduction Year: 1960
Year Discontinued: 1980
Total Production: Approximately: 1,433,269
Designer/Inventor: Research & Development
Action Type: Autoloader
Caliber/Gauge: .243 Win, 6mm Remington, .280 Remington, .30-06, .308 Win
Serial Number Blocks: 1951-1967 1,000-541,000
1968-1975 6,900,000-7,499,999
1975-1978 A6,900,000-A7,499,999
1978-1981 B6,900,000-B7,499,999
# of Grades Offered: 742A Standard
742ADL Deluxe
742BDL Deluxe
742CDL Deluxe Carbine
742C Carbine
Variations: 150th Year Anniversary
100th Canadian Anniversary
Bicentennial 200th United States Anniversary
I wonder if any are still around? It looks like it was D/C'd in about 1981 according to Remington's site.
I've rather thought a bit about LR shooting with a semi but don't really like the AR's and clones. Building something on this might be worthwhile. Or NOT! -Rod-