7-Eleven Stores To Hit Indian Market, In Partnership With Mukesh Ambani

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7-Eleven Stores To Hit Indian Market, In Partnership With Mukesh Ambani
09 Feb 2023
6 min read

News Synopsis

Latest Updated on 09 February 2023

The world's richest man Mukesh Ambani will grow his retail empire by introducing 7-Eleven Inc.'s Convenience Stores to India, the only consumer market with more than a billion people that is open to International Businesses.

Just days after failing supermarket operator Future Retail Ltd. canceled its own contract with one of the bring great chains in the world Ambani's Reliance Retail Ltd. secured the deal. According to a statement issued by Reliance Retail on Thursday without providing financial information, the first 7-Eleven shop will open on Saturday in a suburb of Mumbai, and a following "Rapid Rollout" would begin across India's financial center.

After bankrupt Future Retail said this week that it had mutually canceled the contract it had signed with 7-Eleven in 2019 because it was unable to open the brand's stores or pay Franchise Fees, Reliance scooped up the deal. Ambani and Amazon.com Inc. are involved in a contentious court case over the assets of Future Retail, one of the largest brick-and-mortar retailers in India.

The powerful tycoon's goal of capturing India's expanding formalized Retail Market is furthered by this action. Ambani stated at a shareholders meeting in June that Reliance is quickly increasing its footprint, adding 1,500 new outlets to a total of almost 13,000 last year. Reliance Industries the Flagship Company of Ambani, had a 1.6% increase in shares on Thursday.

Last Updated on 08 October 2021

On Thursday Forbes Magazine published its 100 richest Indians, and the topmost position has been concreted by Mukesh Ambani for the 14th time. Not a complete day has passed since this huge announcement when the company has announced a Partnership Deal with a multinational chain of convenience stores. Reliance owner Mukesh Ambani has announced that he will be bringing the 7-Eleven chain to India. 7-Eleven Inc. is a multinational chain of convenience stores. Its headquarter is in Dallas, Texas. 7-Eleven operates, franchises, and licenses more than 77,000 stores in 18 countries around the world. The announcement came a day after the Future Group, another retail conglomerate, announced the end of its partnership with 7-Eleven, citing the inability to meet the target of opening stores and payment of franchise fees. The first 7-Eleven in India is to be opened in Mumbai.

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