Reliance Retail to launch 7-Eleven Convenience Stores in India, the first store to open in Andheri, Mumbai.
Reliance Retail Ventures Limited (RRVL) on Thursday said it has entered into a master franchise agreement with 7-Eleven to run convenience stores in India.
Reliance Industries Limited’s retail arm RRVL said the first 7-Eleven store will open on Saturday in Andheri East, Mumbai.
According to the statement, RRVL through its wholly-owned subsidiary, 7-India Convenience Retail Limited has entered into a master franchise agreement with 7-Eleven, Inc.
Reliance Retail to launch 7-Eleven Convenience Stores: (SEI) to launch 7-Eleven convenience stores in India.
This will be followed by a rapid rollout in key neighborhoods and commercial areas in the Greater Mumbai cluster said a statement from Reliance.
Kishore Biyani-led Future Group firm Future Retail said it has terminated its franchise agreement with US-based convenience store operator Brand 7-Eleven to operate the store.
The Kishor-Bayani-led firm had on February 28, 2019, entered into an agreement with 7-Eleven to run stores under the brand name in India.
America’s 7-Eleven operates in 18 countries. In this, food items, items of daily use are provided. It has over 77,000 stores. On the other hand, Reliance Industries Ltd.
The retail arm of Reliance Retail Ventures has extended the deadline for the second time till March 31, 2022, to complete the Rs 24,713 crore deal with Future Group.
The reason for this has been attributed to the lack of regulatory and judicial approval for the deal so far.
Future Retail said that Reliance Retail Ventures Limited has extended the deadline for completion of the deal from September 30, 2021, to March 31, 2022.
Reliance Retail & Fashion Lifestyle Limited is a wholly-owned entity of RRVL.
Foundation of Indian economy strong, the global crisis will not harm: CEA
Chief Economic Adviser (CEA) VK Subramaniam said on Wednesday that tapering of monetary stimulus by the US Federal Reserve will not have much impact on India.
He said that the foundation of the country’s economy is strong. Many economists have expressed concern that emerging markets may not withstand a repeat of the ‘taper tantrum’ of 2013.
Addressing the annual international G20 conference organized by ICRIER, Subramaniam said that the foundation of India’s economy is stronger than it was during the global financial crisis.