Spencer's seeks Private Equity

Spencer's Retail, a part of the RPG group is looking for private investors to offload 10% stake. In a statement , Mr Sanjiv Goenka announced that the company was in negotiations with more than 1 private investor to offload 10% equity stake in the company. Spencer's retail expects to break-even in about 12 months and this move is aimed at raising funds for its cautious expansion plans. Spencer's have opened 5 new stores in the last 3 months and plans to add another 10 this fiscal. It would be recalled that Spencer's in the last year had gone on a major cost cutting exercise and shut down 100 enviable stores.. The company plans to invest 100 crores this fiscal to fund its expansion plans and expects to break even at the store level in 6 months.