Reliance Industries News: Reliance Industries (RIL) has announced that its subsidiary Reliance Retail Ventures Limited will launch ‘7-Eleven Stores’ (7-Eleven Convenience stores) in India.
Reliance Retail Ventures Limited has entered into a master franchise agreement with 7-Eleven Inc. (SEI) to launch its stores in India.
RIL said in an exchange filing that the first ‘7-Eleven store’ will be opened on October 9 in Andheri East, Mumbai. After this, the second store will be opened in Greater Mumbai.
According to Mukesh Ambani’s company RIL, the purpose of ‘7-Eleven Stores’ is to provide better facilities to the buyers. In this, snacks and all food items will be available along with the items of everyday necessities.
Reliance Retail Ventures Limited said that SEI will assist RRVL in implementing and establishing its unique 7-Eleven facility retail business model in India.
Future Group-owned Future Retail Limited recently announced that it has terminated the master franchise agreement with 7-Eleven after a 2-year plan to operate stores in India. And two days later, they have an agreement with RRVL. This agreement was terminated because Future-7 was unable to open the stores stipulated in the agreement and could not even pay the franchisee fees.
