Reliance Retail Ventures Limited (RRVL) on Thursday said, through its wholly-owned subsidiary, 7-India Convenience Retail Limited has entered into a master franchise agreement with 7-Eleven, Inc. (SEI) for the launch of 7-Eleven® convenience stores in India.
The first 7-Eleven store is set to open in Mumbai's Andheri East on October 9.
This will be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster to start with, the company said in the statement.
"With the launch of 7-Eleven stores, RRVL as the country's largest retailer takes a step further in its journey of offering a superior shopping experience and compelling value proposition for Indian customers," it further said.
The 7-Eleven stores aim to provide shoppers with a unique style of convenience, offering a range of beverages, snacks, and delicacies specifically curated to appeal to local tastes, along with a refill of daily essentials, having affordability and hygiene at its very core.
With a rapid expansion plan on the anvil, it is expected to be a significant contributor to local employment and building the eco-system for convenient foods.
SEI will also support RRVL in implementing and localizing the unique 7-Eleven convenience retail business model for India, including bringing best-in-class processes and practices.
Isha Ambani, Director, Reliance Retail Ventures Limited, said, "At Reliance, we pride ourselves in offering the best to our customers and we are proud to bring 7-Eleven, the globally trusted convenience store, to India. 7-Eleven is among the most iconic global brands in the convenience retail landscape. The new pathways we build together with SEI will offer Indian customers greater convenience and choices within their own neighborhoods."
"India is the second-largest country in the world and has one of the fastest-growing economies. It's an ideal time for the largest convenience retailer in the world to make our entry into India" said SEI President and Chief Executive Officer Joe DePinto.
"Our strategic relationship with Reliance Retail Ventures will bring 7-Eleven's brand of convenient products and services to millions of Indian consumers starting in the city of Mumbai," added Joe DePinto.
SEI is based in Irving, Texas operates, franchises, and/or licenses more than 77,000 stores in 18 countries and regions, including 16,000 in North America.
( With inputs from ANI )
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