Maharashtra based supermarket chain Patel Retail Limited files DRHP for IPO livemint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livemint.com Daily Mail and Mail on Sunday newspapers.
BSE's Sensex advanced 303.91 points, or 0.44 per cent, to end at 69,825.60. NSE's Nifty50 added 68.25 points, or 0.33 per cent, to end the day at 20,969.40 for the day.
In a filing, Spencer s Retail said that its subsidiary Natures Basket is expected to reduce its debt in due course by Rs 100 crore (approximately) through a mix of loan restructuring and repayment of loans.
These stores, set up over 8,000-12,000 square feet as compared to the usual 2,000-3,000 sq ft for Nature s Basket, will not only generate more revenues but add 1-2 percentage points to gross margins. The first Nature s Basket Artisan Pantry store opened last weekend in Mumbai s Palladium Mall. He also said a second store will open in Mumbai while Kolkata will get its first store by next month, and 3-5 stores next fiscal including in the National Capital Region and Bengaluru.
RP-Sanjiv Goenka Group Vice Chairman, Shashwat Goenka, expressed confidence in achieving profitability for the group s consumer business, encompassing retail giants like Spencer s Retail and Nature s Basket, along with the FMCG sector. This financial turnaround, targeted within the next two to three years, involves a strategic approach, including debt reduction through restructuring, loan repayment, store closures in unprofitable segments, and the introduction of high-margin luxury gourmet stores.