Business & Investment

Reuters Reuters withdraws from Future, launches Seven-Eleven store in India

© Reuters. File Photo: The shopping cart was parked outside the Reliance Supermarket in Mumbai, India, on March 16, 2021. Photo taken on March 16, 2021. REUTERS / Niharika Kulkarni

Bangalore (Reuters)-Reliance Industries’ retail division signed a franchise agreement with Seven-Eleven on Thursday to launch a convenience store in India a few days after Future Retail closed its deal with a U.S. chain. Said.

According to Reliance Retail Ventures Limited, the first Seven-Eleven store will open on October 9 in Mumbai, India’s financial capital.

Earlier this week, Future Retail closed its contract with Seven-Eleven to develop and operate a 24-hour convenience store for a U.S. company in India, as both companies failed to meet their store opening and franchise payment goals. Said. ..

Future Group has agreed to sell its retail assets to billionaire Mukesh Ambani’s Reliance, but the deal was hampered after Amazon.com (NASDAQ :) challenged it. In the future, he says he will suffer “unimaginable” damages if the deal is not closed.

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Reuters Reuters withdraws from Future, launches Seven-Eleven store in India

https://www.investing.com/news/stock-market-news/reliance-retail-to-launch-7eleven-stores-in-india-2636982 Reuters Reuters withdraws from Future, launches Seven-Eleven store in India

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