Dallas-based 7-Eleven Inc (SEI) has signed an agreement with Reliance Retail Ventures (RRV) to launch convenience stores in India, days after Future Retail Ltd ended its deal with the US chain.
The first 7-Eleven store will open on Saturday in Andheri, Mumbai. RRV said in a statement. It will then roll out more stores in neighbourhoods and commercial areas in the Greater Mumbai.
“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 Limited.
“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.
Earlier this week, Future Retail said the agreement with 7-Eleven Inc, to develop and operate the US firm's round-the-clock convenience stores in India, was terminated mututally as the companies could not meet targets for opening stores and franchisee-fee payments.
Future Group had agreed to sell its retail assets to Reliance, but the deal hit a roadblock after Amazon.com challenged it. Future has said it would bear "unimaginable" damages if the transaction doesn't go through.
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