Reliance Retail Ventures, a subsidiary of Reliance Industries (RIL), announced the launch of 7-eleven convenience stores in India.
In a regulatory filing on Thursday, RIL informed that Reliance Retail Ventures (RRVL) through its wholly owned subsidiary, 7-India Convenience Retail Limited, has entered into a master franchise agreement with 7-Eleven, Inc. for the launch of 7-Eleven convenience stores in India. The first 7-Eleven store is set to open on Saturday, 9 October in Andheri East, Mumbai.RRVL said that the launch will be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster. The 7-Eleven stores aim to provide shoppers with a unique style of convenience, offering a range of beverages, snacks and delicacies specifically curated to appeal to local tastes, along with refill of daily essentials, having affordability and hygiene at its very core.
7-Eleven, Inc will also support RRVL in implementing and localizing the unique convenience retail business model for India.
Isha Ambani, director of Reliance Retail Ventures 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.
Earlier on Tuesday (5 October), Future Retail announced the termination of Master Franchise Agreement with 7-Eleven after the company failed to meet the target of opening stores and payment of franchise fees. In February 2019, Future Group-owned Future Retail had signed a master franchise agreement with 7-Eleven Inc. to develop and operate 7-Eleven stores in India.
Shares of Reliance Industries were trading 1.34% higher at Rs 2,594.55 on BSE.
RIL is the largest private sector corporation in India. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. The company reported a 7.3% fall in consolidated net profit to Rs 12,273 crore on a 58.6% rise in net sales to Rs 1,39,949 crore in Q1 FY22 over Q1 FY21.
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