RPG to inject Rs 3,500 cr into retail biz

THE FINANCIAL EXPRESS, KOLKATA, 30.06.2007

The RPG Group, which had lagged behind its peers in its retail business, despite being one of the earliest entrants, has finally chalked out an investment blueprint to fund its future growth plans. On Friday, group chairman Harsh Goenka announced plans to make a consolidated investment of Rs 3,500 crore in its retail business spread over the next two to three years. Interestingly, the group is also likely to tap the primary market with an IPO over the next 12 months to fund its retail ambitions. While, Spencer's Retail, part of the Rs 11,300 crore RPG Group, will invest Rs 1,000 crore to open 40 stores across the country, RPG Retail will invest another Rs. 1,300 crore in expanding the number of Spencer's outlets within hypermarkets, supermarkets, under the brands- Fresh, Express and Dailies.