Hi Nesh,
The
qmail MTA can easily handle this number of emails on modern hardware and a reasonable internet connection.
If you are new to qmail I recommend using the
Life with qmail to guide your through the install process.
The
EZMLM Mailing List package is nice mailing list software that runs on qmail servers.
EZMLM will automatically help you to maintain your mailing list, remove bad email addresses, etc.
Please make sure to start with clean lists and only send email to people that want to receive it.
-Raymond