"We will invest Rs 1,000 crore by March 2009 and another Rs 1,500 crore by 2010," RPG Group Vice-Chairman Sanjiv Goenka said, while inaugurating a Spencer's hyper store.
Spencer's is a subsidiary of RPG's power company CESC Ltd, after the merger of Spencer's holding company with the power utility.
Goenka said he has not yet decided the route to raise resources for the expansion. However, the company was open to all options, including private placement and public offer.
He said Spencer's has achieved Rs 100 crore sales per month and this would go up to Rs 250 crore per month in 2008-09.
Currently, there are 400 Spencer's stores across 60 cities in the country with a total area of 1.5 million sq ft, which gets annual footfall of 48 million people.
The company plans to add 30 to 40 stores per month to take on the competition.
Spencer's Retail has several formats, Spencer's Express, Daily, Super and hyper depending on the location.
Other RPG's retail brand stores include, RPG Cellucom, Books & Beyond, and Music World. Total retail stores of RPG's retail brands is 630.