1 min read.Updated: 07 Oct 2021, 09:17 AM ISTLivemint
This comes two days after Future Retail said it has terminated franchise agreement with 7-Eleven after over 2 years of plans to operate stores in India
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Reliance Industries (RIL) on Thursday announced that its subsidiary Reliance Retail Ventures Limited will launch 7-Eleven Convenience stores in India. Reliance Retail's subsidiary has entered into a master franchise agreement with 7-Eleven, Inc (SEI) for the launch of its convenience stores in India.
“The first 7-Eleven store is set to open on Saturday, October 9 in Andheri East, Mumbai. This will be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster to start with," RIL informed in an exchange filing.
Mukesh Ambani-led RIL further informed that the 7-Eleven stores aim to provide shoppers with a unique style of convenience, offering a range of beverages, snacks and delicacies along with refill of daily essentials.
“SEI will also support RRVL in implementing and localizing the unique 7-Eleven convenience retail business model for India, including bringing best in class processes and practices," RIL's retail arm stated.
This comes two days after Future Group-owned Future Retail Limited on Tuesday had announced the execution of termination of Master Franchise Agreement with 7-Eleven after over 2 years of plans to operate stores in India. The agreement fell through as the Future-7 “was not able to meet the target of opening stores and payment of franchisee fees."
Future Retail in 2019 had signed a master franchise agreement with 7-Eleven to develop and operate convenience stores in India. It had then proposed to open its maiden store in India in early 2020, though no store was eventually opened.
Future Group had agreed to sell its retail assets to billionaire Mukesh Ambani's Reliance, but the deal hit a roadblock after Amazon.com challenged it. Earlier this month, Reliance Retail extended the deal’s deadline by six months.
US-based 7-Eleven operates, franchises and licenses more than 77,000 stores in 18 countries, and works as a chain of convenience stores offering packaged foods, beverages, personal care products, and other daily use goods.