Sri Lanka-based lingerie firm MAS Brands, which sells products under Amante label in India, is targeting up to Rs 1,000 crore turnover by 2020 from the country by expanding its portfolio that would include acquisitions.

The company, which is rapidly expanding its operations in India, plans to launch up to 20 standalone stores in the tier I towns in the next 2-3 years.

"We are targeting Rs 800-1,000 crore turnover by 2020 through a portfolio of brands, including Amante. We are looking at acquiring other brands to increase our reach and product offerings," MAS Holdings Co–Founder Ajay Amalean said.

MAS brands, a part of MAS Holdings, reported a turnover of Rs 100 crore in the previous financial year. It had launched Amante in Indian market in 2007.

When asked if the company is scouting for acquisitions in India, Amalean said: "Currently, we are looking for options. The brands can be in the premium category or one step below that."

On retail expansion, he said the company is planning to open up to 20 standalone stories in the tier I towns in the next 2-3 years.

"After operating for more than six years in the market, we will expand aggressively here. We are very bullish on the Indian market," he said, adding that the company may apply for 100 per cent FDI in single brand retail before it opens its first standalone store next year.

At present, MAS Brands does not retail its products. It sells its products through other retailers.

"We are waiting for clarity on the policy related for FDI by the new government. We may go for 100 per cent FDI in single brand retail," MAS Holdings CEO Vivek Mehta said.

As part of its expansion plan, the company is also looking at launching Amante in other neighbouring markets such as Malaysia and Indonesia.