Consumer goods major Reckitt Benckiser today said it expects the Indian operations to become its biggest market globally in terms of revenue in the next 3-5 years.
"My aim and vision is that India should become the single biggest market in the next 3-5 years for Reckitt Benckiser in revenue," Reckitt Benckiser South East Asia Senior Vice-President Chander Mohan Sethi said.
The company has globally identified and named 16 'power markets' for future growth and India is at present fourth in the list of top five markets, he added,
"I know that it is not going to be easy to compete with markets like the US, but we will do it on the back of innovation and investment on building our brands," Sethi said.
He said India is one of the fastest growing markets in the world for the company.
"India is critical for global growth and is in the top block for investment and focus," he said without sharing any financial detail.
Reckitt Benckiser had recorded a net revenue of 2,357 million pound during January-March quarter this year.
The top focus markets for the company include the US, the UK, Germany, France, India, Brazil, Russia, South Africa, China and Australia.
Commenting on the strategy for the future growth in the Indian market, Sethi said: "We will focus on areas like health, hygiene and home, and invest in innovation... Health is clearly the focus area that is why we acquired Paras."
Last year, Reckitt Benckiser had completed acquisition of Paras Pharmaceutical's over-the-counter brands, including Moov pain relief ointment, Krack heel care lotion and D'Cold cold remedy for Rs 3,260 crore, along with its personal care business with brands such as Set Wet and Zatak, and hair lotion brand Livon.
Following this deal, Reckitt Benckiser, the maker of Dettol, Lysol, Bang, Vanish, and Veet, directly entered the personal care segments such as deodorants, haircare products, anti-ageing creams and over-the-counter healthcare products.
However, Reckitt Benckiser had sold part of the personal care business of Paras Pharma to Marico earlier this year.
When asked if Reckitt Benckiser was looking for more acquisitions, Sethi said: "We are always on a look out, but it is a matter of finding the right opportunity and time."