The RPG group has lined up an aggressive expansion plan for its retail business and aims to virtually double its turnover to Rs 1,800 crore this fiscal.
"Last year, we achieved a turnover of Rs 1,000 crore. Our aim is to grow our retail business aggressively and achieve a turnover of Rs 1,800 crore this year," RPG group Chairman Harsh Goenka told PTI here.
The group plans to pump in Rs 1,000 crore as investment into its retail business over the next three years to fuel its expansion.
"We will also be investing substantially in IT and business processes," Goenka said.
The group plans to scale up the store network of its flagship retail brand, Spencer's, from the present 400 to 600 this year.
The expansion will be funded through both internal accruals and debt, he said.
Goenka indicated that the company has virtually shelved its plans to go in for an initial public offering (IPO) this year.
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