Reliance Industries share price shot off more than 1 percent on October 7 after a subsidiary entered into a deal with 7-Eleven for launching convenience stores.
"Reliance Retail Ventures (RRVL), through its wholly owned subsidiary, 7-India Convenience Retail, has entered into a master franchise agreement with 7-Eleven, Inc (SEI) for the launch of 7-Eleven convenience stores in India," Reliance Industries said in the press release on Wednersday.
The first 7-Eleven store is set to open on 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, it said.
RRVL is a subsidiary of Reliance Industries (RIL) and holding company of all the retail companies under the RIL Group.
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“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," said Isha Ambani, Director, Reliance Retail Ventures.
"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."
At 10:29 am, Reliance Industries was quoting at Rs 2,577.45, up Rs 17.25, or 0.67 percent, on the BSE. The share touched a 52-week high of Rs 2,623 and a 52-week low of Rs 1,830 on October 6 and on January 29, respectively.
It is now trading 1.74 percent below its 52-week high and 40.84 percent above its 52-week low.Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.