Spencer's Retail Ltd, a 100 per cent subsidiary of CESC Ltd, expects to break even by 2011, a top company official today said.

Spencer's is making losses, but they are declining over time, CESC Vice-Chairman Sanjiv Goenka told reporters here today.

"We intend to break even by 2011," Goenka said, adding that the company is expecting a turnover of Rs 95 crore per month.

He said the company is also in talks with private equity players to raise funds, but nothing has been finalised as of now.