Reliance Retail Ventures (RRVL), on October 7, said it would launch the US-based 7-Eleven convenience stores in India.
The first 7-Eleven store is set to open on October 9 in Andheri East, Mumbai, the company said. Following this, there will be a "rapid rollout" of the stores across key neighbourhoods and commercial neighbourhoods in Greater Mumbai.
"Reliance Retail Ventures Limited ("RRVL"), through its wholly owned subsidiary, 7-India Convenience Retail Limited, has entered into a master franchise agreement with 7-Eleven, Inc. ("SEI") for the launch of 7-Eleven convenience stores in India," RRVL said in a statement.
RRVL is the retail arm of Mukesh Ambani-Led Reliance Industries.
RRVL's announcement comes days after Future Group said it had terminated its agreement with 7-Eleven Inc, citing the inability to "meet the target of opening stores and payment of franchisee fees".
Shares of Reliance Industries rose more than 1 percent after the news of the agreement with 7-Eleven Inc.
Isha Ambani, Director, RRVL, said, "At Reliance, we pride ourselves in offering the best to our customers and we are proud to bring 7-Eleven, the globally trusted convenience store, to India. 7-Eleven is among the most iconic global brands in the convenience retail landscape. The new pathways we build together with SEI will offer Indian customers greater convenience and choices within their own neighborhoods."
"India is the second largest country in the world and has one of the fastest-growing economies. It’s an ideal time for the largest convenience retailer in the world to make our entry into India" said SEI President and Chief Executive Officer Joe DePinto.
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