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RPG to invest Rs 400 cr to set up Giant Hypermarkets
PTI - Mumbai
RPG group is to invest Rs 400 crore to set up a total of 21 “Giant Hypermarkets”
across India in the next three years even as it is evaluating a possibility
of divesting around 20 per cent stake in the giant retail chain to a strategic
investor.
“We will have 21 Hypermarkets in 12 cities, including four in Mumbai, three
in Delhi and two in Chennai over the next three years”, the RPG chairman
Mr Harsh Goenka said here, after inaugurating the Hypermarket at Malad in the
western suburbs, making it the first outlet in the city. The company was also
expecting a turnover of Rs 3,500 crore from the retail business by 2006-07 of
which Rs 2,500 crore was estimated to come from giant Hypermarkets, he added.
On raising funds, he said, “We will look at all alternatives, including
an initial public offering, for expansion. However, we do not need money immediately
and have not yet decided on the option”. The company would also look at
diluting around 20 per cent stake in the Hypermarket chain, the chairman said
adding, they were also currently not pursuing acquisitions.
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