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RP-Sanjiv Goenka Group hopes FMCG unit will be profitable by March

The FMCG venture, under the aegis of CESC, will be merged with CESC Ventures

Avishek Rakshit 

Sanjeev Goenka, Chairman, RP-Sanjeev Goenka
Sanjeev Goenka, Chairman, RP-Sanjeev Goenka

The RP-Sanjiv Group hopes its venture would hit the inflection point to become profitable during March 2020. “Spencer’s is already positive at the profit-before-tax level. The business will take sometime to hit the inflection point, which is expected in March 2020,” Sanjiv Goenka, chairman at the RP-Sanjiv Group, said at the annual general meeting of CESC. He has targeted revenue of Rs 100 billion in the next five years from the vertical and is on the lookout to enter new categories.

The FMCG venture, under the aegis of CESC, will be merged with CESC Ventures after the proposed demerger of the group is effected. CESC would continue to operate its power business while Spencer’s would be floated as a new company. FirstSource, Quest, and the FMCG division would be merged to form CESC Ventures.

The two new would be listed on the stock exchanges post its creation. “The stock exchanges need to give their clearences now," said in response to a shakeholders’ enquiry on when the demerger would happen.

First Published: Fri, December 21 2018. 23:55 IST
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