Spencer's Retail, promoted by the Rs 11,500 crore RPG Group, is in talks with international retailers for a possible joint venture in India.Spencer's is also planning to introduce new formats and could explore the JV route to launch them.
"The new JV will not be in food retail since our existing formats function in that area. We are talking to couple of international players. The new venture will be consolidated by the group. Hopefully, we will be able to take a call on the new venture in a couple of months time,'' said Goenka.
Spencer's currently has 250 outlets across 40 cities. The company would
open 500 stores in the next 12 months and 600 stores an year after, he said. The company is planning to invest Rs 1,100 crore to expand its network of stores.
The company will use a mix of internal accruals, debt and equity to fund expansion plans."We will take a call on the initial public issue in the next 6 months," he said. The company expects a turnover of Rs 2,500 crore to Rs 3,000 crore a year in the next two years. Currently, its sales stand at Rs 750 crore.
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