RPG Enterprises to invest in retail expansion

Gurgaon, Mar 8: The Goenka's-owned RPG Enetrprises will infuse Rs 2,500-Rs 2,700 crore for setting up 4,000 retail outlets, including 1,000 Spencers stores, across the country by 2011.

''We will invest Rs 2,500- Rs 2,700 crore on our expansion plans within the next four-five years. We will also be investing Rs 1,000 crore on Spencers retail venture,'' RPG Enterprises Vice-Chairman Sanjiv Goenka told reporters here.

The money would be raised partly through internal accruals and private equity.

The group is also mulling a public issue. However, Mr Goenka did not divulge further details.

The total number of stores proposed to be set up also include 1,500 Cellphone shops under Cellucom brand name, 300-400 Music World outlets and 60-70 book stores.

The 1,000 Spencers stores are targeted to be opened by 2009.

The group has already invested Rs 320 crore in its retail business.

RPG Enterprises has more than 20 companies across seven business sectors, including energy, retail, manufacturing, and technological industries.

UNI