China's Monalisa Tiles makes India foray with $25mn investment.

Venturing into India with an investment of USD 25 million, China-based Monalisa Tiles plans to open around 15 stores in the country this year.

With an annual turnover of USD 800 million and a global presence in more than 100 countries, the company is the third largest tile manufacturer in the world.

'In 2014, we will have around 15 stores in cities like Kolkata, Mumbai, Bangalore and other Tier-II cities like Jamshedpur,' Aditya Bansal, CEO of Monalisa Group, said.

They have already opened their first showroom in the country and are looking aggressively at markets in the eastern states as the region has lot of untapped potential, he said.

The company is beginning its India operations with an initial investment of USD 25 million (around Rs. 153.5 crore) and is targeting first year turnover of Rs. 100 crore.

BS