Saint-Gobain to invest Rs 2,500 cr in India

Saint-Gobain, French multi-national group, has disclosed that it will invest over Rs 2,500 crore in India to grow its home and construction business, as per a senior official. It has also revealed that the group's Indian subsidiary, Saint-Gobain India, has also set targets to earn about Rs 1,000 crore from its home solutions business in the next three to five years.

Saint-Gobain, French multi-national group, has disclosed that it will invest over Rs 2,500 crore in India to grow its home and construction business, as per a senior official.

It has also revealed that the group's Indian subsidiary, Saint-Gobain India, has also set targets to earn about Rs 1,000 crore from its home solutions business in the next three to five years.

"Saint-Gobain will be investing more than Rs 2,500 crore in India between FY2022 and FY2023 in the home and construction space," said Hemant Khurana, Executive Director, Saint-Gobain India.

The company aims to open more MyHome stores in the country and target a revenue generation of of Rs 1,000 crore from its home solutions business, Khurana added.

The company has already opened stores in Kochi, Mumbai and Chennai.

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He said the company will open over 50 MyHome stores by the end of 2021 in the country in Tier I, Tier-II and Tier-III cities to provide an excellent touch-and-feel experience.

"The home segment offers a significant opportunity for Saint-Gobain in India. With a market size of more than $25 billion and growing at CAGR of 8-10 per cent, the segment is poised to grow even faster given the massive urbanisation that is yet to happen," Khurana said.

Saint-Gobain recently announced the acquisition of a minority stake in Livspace that offers home interior solutions.

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This investment will complement the group's full range of solutions in the residential market in India, which accounts for over 80 per cent of the country's building construction market, Saint-Gobain had said.