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Spencer’s Retail to pump in Rs1,500 cr for expansion

Spencer’s Retail to pump in Rs1,500 cr for expansion
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First Published: Fri, May 09 2008. 03 30 PM IST
Updated: Fri, May 09 2008. 03 30 PM IST
PTI
New Delhi: RPG Group company Spencer’s Retail said on 9 May it will 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 company is also holding talks with number of international retail players for setting up joint ventures in the country.
Without divulging the names of international players with whom the company is in talks with, Goenka said, “We are looking at international tie ups across various categories and in the next six months a number of joint ventures will be announced.”
At present, the company operates 400 stores across 65 cities in India under different formats such as Supermarket, Hypermarket, Express and Dailies.
Spencer’s Retail is targeting a turnover of Rs1,800 crore by the end of current financial year.
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First Published: Fri, May 09 2008. 03 30 PM IST