Spencer in talks with PE firms to raise funds

RPG group-owned Spencer's Retail, a leading multi-format retailer, is in talks with private equity firms to raise funds for its expansion, a top company official said.

"We are in talks with some private equity players to raise funds," Spencer CEO Vineet Kapila told reporters here today.

He, however, did not divulge the amount the company proposes to raise.

Kapila further said that Spencer is planning to add some more stores.

There was a good growth opportunity in same-store sales this fiscal, he said, adding some of its stores were also expected to break-even by end of this fiscal.

Spencer has 250 stores, including 36 large-format stores, across 50 cities in India. Spencer focuses on verticals like food and grocery, fruit and vegetables and FMCG goods.