CESC cuts retail revenue target for FY09

New Delhi, Nov 14: With the global economic crisis taking its toll across all industrial segments, power utility firm CESC Ltd on Friday, Nov 14 said it has lowered its revenue target for the current fiscal from its retail operations to Rs 1,500 crore from Rs 1,800 crore as the company had to close 56 stores in last three months.

''In last three months, we have closed 56 stores, which is about 12 per cent of our store count. That was not part of our earlier plan,'' parent comany RPG Enterprises Vice-chairman Sanjiv Goenka told reporters here. However, he said the firm's Rs 2,500 crore expansion plan till 2010 was intact and the company will have 750 stores by then. At present, the firm has 400 retail stores.

Spencer's Retail is a unit of RPG group's flagship company CESC Ltd.

UNI