RPG to invest 1,500 cr for expansion

RPG Enterprises today said it will be investing Rs 1,500 crore in the next 15 months in expanding its retail business across India.

"We are adding 325 new stores in the next 15 months, which could entail an investment of Rs 1,500 crore all under the Spencer's brand," RPG Enterprises Vice-Chairman Sanjiv Goenka told reporters on the sidelines of India Economic Summit.

Currently, the company has 406 stores in India.

He said the investments would be funded through internal accruals and the expansion will lead to 60 per cent growth in the next 12 months.

The company, which had shut down 56 stores, has redeployed its employees at other stores.

"The present shut down will not affect the current jobs but there will be a slow down in our recruitments," Goenka said.