Textile maker and exporter Indus Fila is developing plans to buy an unnamed international apparel brand, reported Business Standard.

The Bangalore-based firm has reportedly started a due diligence process as part of the strategy.

"We will commence negotiations in the coming weeks with a few international brands, which we have already identified. These brands are in the region of US$30m," vice-chairman and managing director Nitin Mandhana were reported as saying.

"We have realised that acquisition of an established fashion apparel brand is the best way to enter the domestic market."

Mandhana added that there are undiscovered niches in the market that Indus plans to fill such as branded trendy sportswear for juniors. He told Business Standard the firm would plan for the mass end of the market rather than boutiques.

He said funding would come through a combination of internal accruals and private equity firms.

The company is also mulling the option of an initial public offer, Mandhana was reported as saying.