CESC awaits bourses clearance to list demerged entities

The RP-Sanjiv Goenka Group on Friday said the group was awaiting clearances from the bourses to get the non-power businesses of CESC Ltd.

"Stock exchanges need to give their clearances now," R P Sanjiv Goenka Group chairman Sanjiv Goenka said in response to a shareholder's question at the AGM of the CESC.

He said he is expecting to get the respective nods soon.

Under this proposal, Spencer's will be floated into a new company. It's business process division - FirstSource, the realty arm - Quest and the FMCG division will be merged to form CESC Ventures.

While the listed entity CESC Ltd will continue to operate its power business as it awaits state power regulator's nod. The two new companies is supposed be listed on the stock exchanges.

It was not immediately clear whether the West Bengal Electricity Regulatory Commission letter seeking details on demerger will bear any impact on listing of demerged non-power companies.

Meanwhile, Goenka said he hopes that its FMCG venture will hit the "inflection point" to become profitable by March 2020.

Spencer's is already positive at the PBT level, he said.

Goenka has targeted a revenue of Rs 100 billion in the next five years from this FMCG vertical and is also on the lookout to enter new business categories including non-baked food products.