Chennai, Nov 18 (IANS): French multi-national group Saint-Gobain will invest over Rs 2,500 crore in India to grow its home and construction business, said a senior official.

The group's Indian subsidiary -- Saint-Gobain India -- also 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.

According to Khurana, the company will open more MyHome stores in India to earn a revenue of Rs 1,000 crore from its home solutions business.

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

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.

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.