Dubai's Marina Home to invest Rs 500 cr in India

Dubai-based home furnishings company Marina Home is to invest Rs 500 crore in India to open around 50 stores across the country in the next five years. The company, which sells entire range of home interiors including living room accessories, lighting fixtures and fabrics, is aiming at Rs 300-400 crore turnover in its very first year of operations in the country.

Marina Gulf and Marina Home co-founder and co-owner Khurshid Vakil told a leading news agency that the company plan to invest Rs 500 crore in the next five years in India. The company's target is to have 50 stores comprising large and medium size boutique stores across metro, tier I, tier II and tier III cities in the country.

He added that the company, which has stores across the Middle East, would fund the expansion in India through internal accruals. When asked about the revenue targets in India, Vakil said that the company is expecting to touch Rs 300-400 crore in revenues in first year itself.

The company recently opened its first store in the National Capital and has already invested around Rs 100 crore on various activities including, infrastructure, logistics and distribution network.