RPG Group to spend Rs 160 crore on expansion of specialty retail business
The RPG Group, one of India's largest industrial conglomerates, has decided to invest close to Rs 160 crore in its specialty retail business, especially in Music World and bookstore chain Books and Beyond, in the next two years.
The company plans to build 15 ‘Books and Beyond’ stores this fiscal, and 50 such outlets in two years at an investment of Rs 100 crore.
Simultaneously, the Music World format would also be expanded independently to over 160, from the present 90 stores, with an outlay of Rs 60 crore.
Currently, Music World contributes 90 per cent to the division's revenues. The expansion will see the Music World floor space increasing from the existing 80,000 sqft to 200,000 sqft.
Last year, the group’s specialty retail division had clocked revenues of Rs 150 crore. The group anticipates closing the current fiscal with revenues of Rs 250 crore.
Recently Saregama India, the entertainment arm of RPG Group, has earmarked an investment of Rs 150 crore over the next 12 to 18 months, for the film business.