An Indian government-backed company is targeting the country's 'filthy rich', by producing the country's most expensive soap on record. 

Karnataka Soaps and Detergents, the Chennai-based cosmetics manufacturer, recently launched "India's most expensive soap," the Mysore Sandals Millennium, which fetches Rs720 ($15) per 150-gram piece. Mysore, made of special conditioners, moisturises, vitamin E, jojoba-mimosa and natural sandalwood oil, is the first most expensive soap made in India, the firm said in a statement, and is touted to earn as much as Rs35 crore ($7.1 million) over the next year. It will rival the price of international brands like Hermes, Olay and Amway. 

The company is targetting high net worth individuals and is planning on the distribution of around 600,000 pieces of MySore in the next 12 months, of which 100,000 will be for export. 

The market is ripe for premium soaps, says the firm, noting an estimated premium soap market size of around Rs5,000 crore. Aside from the turnover target of Rs300 crore by the next fiscal year, the firm is also eyeing a net profit of Rs15 crore. In fact, Karnataka has already set aside RS5 crore for its advertising budget for the first year, which will be raised to Rs12 crore next year. MySore will be made available in all upscale retail providers, including spas and star hotels.

According to the latest study by global wealth intelligence firm Wealth X, India is home to around 8,200 ultra high net worth individuals whose combined wealth is at $945 billion. Of this number, approximately 115 are billionaires.