India’s Spencer’s Retail has outlined plans to open 80 hypermarkets across India with an estimated outlay of INR2.5bn ($41.8m).

The investment is likely to be financed through an initial public offering sometime next year.

The planned stores -to be opened in north, south and east India -will be compact hypermarts.

Speaking about the development, Spencer’s Retail head Shashwat Goenka told Time of India that Spencer’s would grow aggressively in the next four years, taking the store count beyond the 200 mark from the current figure of 127.

"Last fiscal, Spencer’s has added 11 stores. The same number of outlets will be added this year. We have been somewhat conservative after the initial foray with multiple formats seven years ago due to constraints in availability of real estate.

"Also, we have shut some stores and opened others. We have a successful growth format now, a store configuration strategy to go with it and real estate developments that are taking shape. Hence, the increased pace of growth," Goenka added.

The company believes that the expansion will aid Spencer’s fiscal performance and retail portfolio.

RP-Sanjiv Goenka Group scion said, "Spencer’s is close to breakeven as a company. The sales growth in the first quarter of the fiscal has been higher than the corresponding period last year. Consumer sentiment appears positive and we should comfortably register a double digit growth in 2014-15."