Spencer's Retail to break even by 2011

Spencer's Retail, the RPG group's retail unit, is expecting to break even by 2011. It is also in talks with private equity players to raise funds

Spencer's Retail, a 100% subsidiary of power utility CESC Ltd, expects to break even by 2011, a top company official said on Friday.

Spencer's Retail is making losses, but they are declining over time, CESC vice-chairman Sanjiv Goenka told reporters in Kolkata.

"We intend to break even by 2011," Mr Goenka said, adding that the company is expecting a turnover of Rs95 crore per month.

He said that the RPG group company is also in talks with private equity players to raise funds, but nothing has been finalised as of now.
 

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