Speaking in an interview, Khutub A Hai, head of Mahindra Defence Systems said, "Most of them (projects) will come from artillery systems and armoured vehicles."
"The company hopes to ramp up revenues to $430 million by 2016 through joint ventures from the current $21.7 million," Hai said.
"By 2016, we are targeting a turnover of 20 billion rupees and I think even the world realises that the next big market, as far as defence is concerned, is India," Hai said.
The firm is also looking at acquisitions to grow its defence market share and participate in offset projects with foreign companies.
Indian defence companies will gain access to a potential $100 billion market over the next 10 years, following a new policy that allows domestic firms to bid for large defence contracts.