By Ben Otto
Reliance Industries Ltd. will launch 7-Eleven convenience stores in India, coming after a deal stalled between the global retail chain and India's Future Retail Ltd.
Reliance said Thursday that subsidiary Reliance Retail Ventures Ltd. signed a franchise deal with 7-Eleven Inc. to launch the world's largest convenience-store chain in India. It said the first outlet will open Saturday in Mumbai, to be followed by the rapid expansion of outlets across the city.
"India is the second largest country in the world and has one of the fastest-growing economies," said Joe DePinto, chief executive of 7-Eleven. "It's an ideal time for the largest convenience retailer in the world to make our entry into India."
The deal comes after 7-Eleven and Mumbai-based Future Retail this week said they terminated a 2019 deal to roll out the chain in India. Future Retail had planned to open hundreds of stores.
Texas-based 7-Eleven, a unit of Tokyo-listed Seven & I Holdings Co., franchises or licenses more than 77,000 stores in 18 countries and regions.
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(END) Dow Jones Newswires