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The RP-Sanjiv Goenka group is planning to list Spencer’s Retail Ltd. Spencer’s is the large format retail arm of the group.
According to Sanjiv Goenka, Chairman of the group, a consultant will soon be appointed to look into the intricacies of listing. He, however, did not specify the timeframe for such listing.
Currently, listing can be through a “mirrored level demerger” from CESC or through an initial public offering (IPO) or by bringing in a strategic investor.
“However, if you ask me for a time-frame within which we will list Spencer’s, it will not be possible to specify a time,” Goenka said.
Break-even
According to him, Spencer’s is expected to break-even by the second quarter of next fiscal (2013-14). “We are confident of becoming EBIDTA positive around the second quarter of next fiscal,” Goenka said.
The retail format, he claimed, has been making profits at the store level and for the first six months of the year, store level profits stood at nearly Rs 30 crore. However, on a company level there has been a loss of nearly Rs 30 crore (Rs 5 crore per month).
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