Hyderabad, Sep 9 (IANS): India's largest selling footwear brand Paragon has set a target of Rs.5,000 crore turnover by 2020 with an annual growth rate of 25-30 percent, company officials said Tuesday.

The company aims at Rs.1,600 crore turnover during the current financial year, against Rs.1,400 crore in the last fiscal.

With annual sales of 14 crore pairs, Paragon is looking to ramp up its capacity by setting up a plant in Maharashtra.

Paragon Group owner and director Thomas Mani said the plant, with an investment of Rs.50 crore, would be ready in 12 to 18 months.

On an average, the company produces about 4.5 lakh pairs a day in manufacturing units located in Kerala, Karnataka, Tamil Nadu and Telangana.

As part of its ambitious growth plans, Paragon has signed Telugu superstar Mahesh Babu as its brand ambassador. The actor unveiled the Paragon office collection at a glittering ceremony.

"We expect to sell 14 crore pairs this fiscal from 12 crore we sold in the last fiscal," said the group's director (marketing) Joseph Zachariah.

He said the company would focus on new categories like kids and low price range footwear to drive the growth.

Rubber footwear continues to be Paragon's leading product. Its range of footwear products are made of poly-urethane (PU), polyvinyl chloride (PVC), ethylene-vinylacetate (EVA) and thermo plastic rubber (TPR) soles.