Mumbai: Ahmedabad-based Textile manufacturer Arvind Ltd is targeting to earn $1 billion (Rs.40 billion) in revenue by next year and plans to sell off some of its non-strategic assets over the next three years to pay off debts, top company officials said Monday.

"We are aiming an eight-fold increase in the revenue from its retail umbrella Megamart to $250 million in the next three years," company chief financial officer Jayesh Shah told IANS, while unleashing the brand new corporate identity of Arvind Ltd from Arvind Mills.

Shah said that by 2010-11, "we want brands and retail to contribute 40 percent of annual revenue from the present 19 percent."

The company plans to raise about $175 million to pay off some its debt through sale of non-strategic assets, consisting mainly of six million square feet of land in Ahmedabad, over the next three years.

Arvind has hired consulting firm Ernst & Young (E&Y) as advisor for the proposed sale. E&Y is expected to submit its report within two months, Shah said.

The company has also unleashed plans to invest about $100 million on retail expansion in the next three years, a top official said.