Russian arms and motor-vehicle manufacturer Kalashnikov Concern is planning to open an Indian factory as it aims to double its production to 150,000 weapons per year and increase its revenues fourfold to $690 million by 2020.

The announcement was made by chief executive of the company, Alexei Krivoruchko, on Wednesday as he outlined the future of the company, which includes trimming costs and increasing production.

The new facility is due to open in India later this year and is expected to produce 50,000 weapons per year, said statement that was released by Russian defense company Rostec. The state-owned group owns 51 percent of the company with the remaining 49 percent owned by Krivoruchko and Andrei Bochkarev.

Kalashnikov consider the Indian market to an important and growing area that they hope will increase sales in addition to production.

Kalashnikov concern was established in August, combining many other small companies and weapons plants as it seeks to create one of Russia’s leading small-arms manufacturers.