RPG group Chairman Harsh Goenka, on Friday, 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, Mr Goenka said that the Spencer’s retail, which presently has 400 outlets, 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 investment of Rs 1000 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. The group has identified several new locations to set up its retail outlets and stores on leased premises, he said.
