The Hindu Business Line : RPG Retail plans to attain Rs 1,500-cr turnover

AT THE LAUNCH: The Vice-Chairman of RPG Enterprises, Mr Sanjev Goenka, and his wife Ms Preeti Goenka (centre), at the inauguration of the first Spencer's super-store on eastern metropolitan bypass (EM Bypass) in Kolkata on Sunday. — A. Roy Chowdhury

Kolkata June 24 RPG Retail expects to achieve nearly 150 per cent revenue growth during the current fiscal, according to Mr Sanjiv Goenka, Vice-Chairman, RPG Enterprises.

"We expect to achieve a turnover of Rs 1,500 crore by the end of this year from Rs 600 crore last year," Mr Goenka told newspersons at the launch of Spencer's first superstore in Kolkata.

According to Mr Goenka, the company has aggressive expansion plans, both organic and inorganic, which are likely to be the major growth driver. The company plans to invest nearly Rs 1,200 crore to set up 2,000 stores across India by 2009.

The investment will be mostly funded from internal accruals. RPG Retail also plans to raise capital in the "next two to four quarters" to fund its expansion plans, Mr Goenka said without disclosing the size of the capital.

On private placement, Mr Goenka said, "We have many offers but we are not looking at them now."

Of the 2,000 stores, over 60 per cent will be Spencer's outlets.

More stores

In the next seven days, the company plans to launch 40 Spencer's stores in the country. In these stores, the company will also have its own branded products in the groceries, food items and clothing segments. Spencer's currently has 175 outlets in the country across 30 cities comprising 10 hypermarkets, six supermarkets, three Fresh, 25 Express and 131 Dailies.

Beside Spencer's RPG Retail also owns retail chain stores, including Music World, Books and Beyond and RPG Cellucom.

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