Reliance Retail to launch 7-Eleven stores in India after Future's exit (updated)

Future Enterprises

07/10/2021 04:35

(Adds details of deal, background)
    BENGALURU, Oct 7 (Reuters) - Reliance Industries Ltd's
 RELI.NS  retail arm said on Thursday it has entered a franchise
agreement with 7-Eleven Inc to launch the convenience stores in
India, days after Future Retail Ltd  FRTL.NS  ended its deal
with the U.S. chain.
     The first 7-Eleven store is set to open in India's
financial capital, Mumbai, on Oct. 9, Reliance Retail Ventures
Ltd said. 
    Earlier this week, Future Retail said the agreement with
7-Eleven Inc, to develop and operate the U.S. 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.  urn:newsml:reuters.com:*:nL4N2R127M
    Future Group had agreed to sell its retail assets to
billionaire Mukesh Ambani's Reliance, but the deal hit a
roadblock after Amazon.com  AMZN.O  challenged it. Future has
said it would bear "unimaginable" damages if the transaction
doesn't go through.  urn:newsml:reuters.com:*:nL4N2QB1Z7

 (Reporting by Vishwadha Chander in Bengaluru; Editing by
Krishna Chandra Eluri)
 ((Vishwadha.Chander@thomsonreuters.com; Mobile: +91 7506036802;
Twitter: https://twitter.com/vishwadha;))