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New Delhi , Oct. 20

RPG Enterprises has announced the launch of the first Spencer hypermarket in the National Capital Region (NCR) on Thursday. It also plans to set up seven more hyperstores in the region within six months.

Announcing its first outlet in the NCR, Mr Sanjiv Goenka, Vice-Chairman, RPG Enterprises said, "This fourth Spencer's Hyper store in India is a reconfirmation of the success of the hypermarket format and Spencer's is all set to grow in Northern India from here. A further seven hyper/super stores will open in the National Capital Region within six months."

RPG Group has aggressive plans to establish a strong national footprint and is targeting to double its contracted retail area of now over 1 million sq. feet by 2007. The annual revenue (from retail) is expected to grow from Rs 321 crore to Rs 2,200 crore by 2007-08.

Spencer's hypermarket stock more than 25,000 products (including groceries, fresh fruit, vegetables, home appliances, and white goods) under one roof.

Earlier this week, RPG had indicated that it has lined up a Rs 200-crore investment in the next 18 months to consolidate its retail business.

The group's retail business has two main segments — music and entertainment under MusicWorld and non-music under Spencer's.

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