Russian President Vladimir Putin looks at weapons during his working visit to a Kalashnikov factory in Izhevsk last year. (Michael Klimentyev/AFP)
WARSAW — Russian small-arms manufacturer Kalashnikov Concern is planning to double its annual production to 150,000 weapons per year and increase its revenues fourfold to 24 billion rubles (US $690 million) by 2020, said Alexei Krivoruchko, the company’s chief executive and co-owner.
Krivoruchko said the challenges ahead include trimming operational costs and increasing production.
As part of these plans, Kalashnikov aims to set up a joint venture in India, which it considers a promising market, Krivoruchko was quoted as saying in a statement released by Russian defense giant Rostec. The state-owned group holds a 51 percent stake in Kalashnikov, with the remaining 49 percent owned by a joint venture established by Krivuruchko and Andrei Bochkarev.
Kalashnikov is planning to launch construction of the Indian production facility this year, the chief executive said. The manufacturer expects the plant to have an output of 50,000 weapons per year, according to Krivuruchko.
Headquartered in Izhevsk, Russia, Kalashnikov Concern was established in August, integrating Izhmash weapons plant and several state-owned manufacturers with the aim of creating Russia’s leading small-arms group.