"We hope that a joint Russian-Indian venture will be created," Mikheev said at the Aero India 2015 international air show.
The Russian helicopter exporter said it will focus on talks on the project during the four-day expo, which started Wednesday in southeastern India's Bengaluru.
The head of Russian Helicopters added that the sides will incorporate the experience of producing Russian-designed Sukhoi Su-30 MKI fighter jets under license in India.
According to Russia's Federal Service for Military-Technical Cooperation, over 70 percent of all military equipment used by the Indian Armed Forces was produced in Russia or the Soviet Union. In 2013, Russia delivered weapons and military equipment worth almost $4.8 billion to India.