RPG Group to invest 1000 crore in retail expansion

By Staff
|
Google Oneindia News

Mumbai, June 29 (UNI) RPG group Chairman Harsh Goenka today announced that the group will invest Rs 1,000 crore on the expansion of its retail subsidiary 'Spencer's Retail' and will access the capital market to raise further funds in next 12 months.

Addressing a press conference after re-launching Spencer's hyper market at Malad, a western suburb of the city, Mr Goenka said that the Spencer's retail, which presently has 400 outlets, comprising Music Wolrd, Book, RPG Cellcom and Health across the country, further aimed at growing to 2,000 stores by 2009 and then taking it even more further to 5,000 stores by 2011.

Mr Goenka said the proposed investment of Rs 1,000 crore would be an equity component and added that the group may access the capital market within the next 12 months.

He however, did not elaborate regarding the volume of amount to be raised from the public.

According to him, the group's expansion plan will create atleast ten thousand new jobs directly or indirectly.

The group has identified several new locations to set up its retail outlets and stores on leased premises, he said.

The company expects its turnover from retail subsidiaries to touch Rs 1,300 crore during the current financial year 2007-2008.

Spencer's is part of the Rs 11,300 crore RPG group and a pioneer of modern retail formats in the country.

UNI

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