Italian cosmetics company Officina Farmaceutica Italiana (OFI) will open stores in India providing the Foreign Investment Promotion Board (FIPB) approves its application.

OFI has forged a joint venture with a local company San Pellegrino Cosmetics to open single-brand stores in India. It plans to open five standalone stores and at least 200 counters in the next five years.

India would be OFI’s first international market assuming its investment plan proceeds.

Besides stores and counters, OFI also plans to set up a manufacturing and packaging base in India.