Sanjeev Goenka, Chairman, RP-Sanjeev Goenka
The RP-Sanjiv Goenka Group hopes its FMCG venture would hit the inflection point to become profitable during March 2020. “Spencer’s is already positive at the profit-before-tax level. The FMCG business will take sometime to hit the inflection point, which is expected in March 2020,” Sanjiv Goenka, chairman at the RP-Sanjiv Goenka Group, said at the annual general meeting of CESC. He has targeted revenue of Rs 100 billion in the next five years from the FMCG vertical and is on the lookout to enter new categories.
The FMCG venture, under the aegis of CESC, will be merged with CESC Ventures after the proposed demerger of the group is effected. CESC would continue to operate its power business while Spencer’s would be floated as a new company. FirstSource, Quest, and the FMCG division would be merged to form CESC Ventures.
The two new companies
would be listed on the stock exchanges post its creation. “The stock exchanges need to give their clearences now," Goenka said in response to a shakeholders’ enquiry on when the demerger would happen.