The RP-Sanjiv Goenka Group is planning a Rs 500-crore integrated sports complex in Kolkata, with a stadium, a football academy, hotel and hostel facilities.
The project, which will require 50 acres, is awaiting government approval. “Land for the project has been identified,” group chairman Sanjiv Goenka said. He refused to disclose whether the project would come up on the group’s land.
The project will be executed by the RP-Sanjiv Goenka Group but it will seek managerial partners for the 120-room hotel. Funds will be sourced internally, with a part of the money coming from the group’s corporate social responsibility fund.
After the approvals are in, the football academy will be built in 12 months.
“We have brought Raghu Iyer (former senior functionary of suspended Indian Premier League franchise Rajasthan Royals) on board who will be the CEO of the group’s sports division,” Goenka said.
The group owns the Pune franchise in the Indian Premier League (IPL) and also has stakes in Atletico de Kolkata, a football team in the Indian Super League. Goenka is considering entering other sports as well.
While the group’s venture in the IPL ran into expected losses, Goenka is confident of profits from the football franchise two years hence.
Group company Calcutta Electric Supply Corporation expects to sell 150 megawatt from its Chandrapura plant to a distribution company in north India, which will help it mitigate accumulated losses. The deal expected in three months will result in the unit raising its income from Rs 400 crore to Rs 600 crore.
The operating profit of Spencer’s Retail, part of the group, has started improving and the company expects to break even soon. The operating profit improved to Rs 85 a month per sq ft during 2015-16 and to Rs 97 during April-June 2016-17. The break-even stands at Rs 101 a month per sq ft. Spencer’s Retail has over 1.1 million sq ft in 118 stores with sales of Rs 1,923 crore during 2015-16.
The integrated sports complex will include stadium, a football academy, hotel and hostel facilities
The project, which will require 50 acres, is awaiting government approval
The project will be executed by the RP-Sanjiv Goenka Group but it will seek managerial partners for the 120-room hotel
The group owns Pune franchise in IPL and has stakes in Atletico de Kolkata in the Indian Super League