Sanjiv Goenka launches new group (Lead)

July 13th, 2011 - 3:34 pm ICT by IANS  

Kolkata, July 13 (IANS) Sanjiv Goenka, vice chairman of the RP Goenka Group, one of India’s largest industrial conglomerates, Wednesday launched a new group corporate identity RP-Sanjiv Goenka Group.

The announcement was a follow-up of RPG Enterprises chairman emiritus Rama Prasad Goenka’s declaration early last year, that the ownership of the Rs.18,000 crore turnover group would be divided between his two sons - Sanjiv and Harsh.

“The new group corporate identity is to avoid any confusion in future between me and my brother,” Sanjiv said.

The new group will be active in five business sectors - power and natural resources, carbon black, retail, media and entertainment, and infrastructure, Sanjiv said.

In its new form, the RP-Sanjiv Goenka Group will have an asset base of Rs.14,000 crore and revenue of over Rs.9,000 crore, he added.

“The new group in the next five years will invest a total of Rs.35,000 crore, including Rs.31,000 crore in power and Rs.2,500 crore in carbon black business,” Sanjiv told mediapersons here.

After five years, the new group’s revenue will be Rs.25,000 crore and an asset base of Rs.50,000 crore, he said.

The group will have a separate logo.

“I will continue to be the vice chairman of RPG Enterprise,” Sanjiv said.

The new group will include power utility company CESC, carbon black company Philips Carbon Black, retail wings Spencers and Music World, entertainment arm Saregama India, and infrastructure entity CESC Properties Limited.

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