New Delhi: Mahindra & Mahindra has said it is targeting revenues of upto $15-18 billion over the next 8-10 years from its defence business in India.
"Mahindra & Mahindra Group is looking at a revenue of about $ 15-18 billion through its land, aerospace and naval equipments in the next 8-10 years in India," Mahindra Defence Systems CEO, Khutub Hai, told media. He indicated that some of the revenues would accrue from the next fiscal.
Hai also said that currently the group's revenues from the defence business remained insignificant.
As per an estimate, the ministry of defence has earmarked a capital expenditure of about $100 billion on equipment purchases over the next 7-8 years.
Currently, the country imports 70 per cent of its defence requirements. Over the coming decade the country is slated to layout close to $100 billion on defence equipment.
"What we envisage is that going forward, with Indian companies developing capabilities, supply of defence equipment from domestic sources can account about 50 per cent of the requirement," he added.