"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.
"As of now, the funding requirements are met through debt and equity and as long as we can find resources for expansion internally, we will not go in for an IPO," he said.
"We have sufficient funds presently. We will go in for an IPO only when external funding becomes necessary," he said, adding he did not foresee any difficulty in raising funds internally for expansion this year.
