Spencer's to invest Rs1,500 crore in new outlets; tie up with foreign brands
09 May 2008
RPG group's retail arm Spencer's Retail would invest Rs1,500 crore to open around 250 new retail outlets across the country within a year.
"We will invest Rs1,500 crore across different formats in the next 12 months to open additional 250 stores. The total retail space will go up to 22.5 lakh sq feet by March 2009," RPG enterprises vice chairman Sanjeev Goenka told reporters while announcing the launch of two new hyper stores at Ghaziabad and Gurgaon.
The new hypermarkets will be opened in cities like Nashik, Kanpur, Indore, Surat and Bangalore. The company proposes to raise funds for expansion internally.
The company is also holding talks with a number of international retail players for "multiple" tie-ups in various product categories in the next six months.
"We are looking at international tie-ups across various categories and in the next six months a number of joint ventures will be announced," Goenka said. He however, did not divulge the names of international players with whom the company is in talks with.
Currently, the company operates 400 stores across 65 cities in India under different formats like, Super market, Hyper market, Express and Dailies.
Spencer's Retail is planning a high growth in future, with a turnover target of Rs1,800 crore by the end of current financial year.
