Mukesh Ambani-led Reliance Industries’ retail arm Reliance Retail Ventures Limited (RRVL) announced on Thursday that it has signed a Master Franchise Agreement with American-based convenience store chain 7-Eleven (SEI) to launch its stores in India. The stores are set to launch this month under a subsidiary of RRVL.
In a regulatory filing to the exchanges, Reliance Industries Ltd. disclosed that the first 7-Eleven convenience store is set to open on Saturday, October 9 in Andheri East, Mumbai. The company also stated that the launch will be followed by a “rapid rollout” in the key neighbourhood and commercial areas across the greater Mumbai belt.
The stores will be launched through a wholly owned subsidy of Reliance Retail Ventures Ltd, 7-India Convenience Retail Limited. With the stores, RRVL envisions to provide customers with a unique style of convenience by offering a vast range of beverages, snacks and ready-to-eat delicacies along with a refill of everyday essentials.
The deal comes just days after Future Retail — India’s second-largest retailer with over 1,700 stores across the country — announced on Tuesday, October 5, that it had mutually terminated a Master Franchise Agreement with SEI as the “ the companies were not able to meet targets of opening stores and paying franchisee fees.”
Isha Ambani, Director of Reliance Retail Ventures Ltd. expressed her eagerness for the new agreement, asserting that RRVL was proud to bring a globally renowned 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 neighbourhoods,” she added.
Meanwhile, SEI President and Chief Executive Officer Joe DePinto commented on India’s growing economic potential, citing that the country’s fast-growing economy made it an ideal time for 7-Eleven, the largest convenience retailer in the world, to enter the Indian market