Dubai retailer eyes $91m India investment

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Khurshid Vakil, Marina Gulf and Marina Home co-founder and co-owner.

Khurshid Vakil, Marina Gulf and Marina Home co-founder and co-owner.

Dubai-based home furnishings company Marina Home plans to invest more than $90m in a roll-out of stores across India, it was reported on Sunday.

The Rs500 crore investment will see around 50 stores opening in India in the next five years, Press Trust of India reported.

The company, which sells a range of home interiors, is aiming to make turnover of Rs300-400 crore in its first year of operations in the country.

"We plan to invest Rs500 crore in the next five years in India. Our 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," said Khurshid Vakil, Marina Gulf and Marina Home co-founder and co-owner in comments published in local media.

He added that the company, which has stores across the Middle East, would fund the expansion in India through internal accruals.

Marina Homes plans to invest Rs100 crore in 2013 and is also looking to tie-up with major builders to secure real estate projects, the report said.

The company is looking to open stores in countries like the UK, the US and Canada by the end of this year, it added.

"We are aiming to set up company-owned and managed stores in places like London, Toronto, Chicago and New York," Vakil was quoted as saying.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Ashok Kaul CEO Retail Bombay Dyeing

Great opportunity as Indian home furnishing market is huge, rapidly growing, fragmented & with under penetrated modern retail

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
How the UAE is sewing together a top industry

How the UAE is sewing together a top industry

In the shadows of oil and aviation, the UAE’s textiles industry...

Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Dubai's nightlife bubble: When is it going to burst?

Dubai's nightlife bubble: When is it going to burst?

A new breed of clubs and bars is sprouting in the city, but which...

12
Most Popular
Most Discussed