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Reliance Retail To Launch 7-Eleven Convenience Stores Across India – NDTV

Future Group had agreed to sell its retail assets to Mukesh Ambani’s Reliance.

Bengaluru:

Reliance Industries Ltd’s 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 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.

Future Group had agreed to sell its retail assets to billionaire Mukesh Ambani’s Reliance, but the deal hit a roadblock after Amazon.com challenged it. Future has said it would bear “unimaginable” damages if the transaction doesn’t go through.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)