October 16, 2021

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Reliance of India: Mukesh Ambani brings 7-Eleven to the country

Division of Reliance Retail Of Mukesh Ambani The fast service chain announced on Thursday that it was going to open India’s first 7-eleven stores just days after losing its local partner.

The two don’t seem to be wasting any time: Reliance says the first 7-Eleven store will open in Mumbai on Saturday two days later.

“This will be followed by rapid action in key neighborhoods and business areas,” Reliance Retail said in a statement, focusing initially on the Greater Mumbai area. Customers will be offered customized drinks and snacks based on local preferences.

Ambani is India’s richest man with an estimated net worth of $ 99.1 billion Bloomberg Millionaire Code. Isha Ambani, her daughter and the director of Reliance Retail helped to announce the deal.

The announcement comes just days after 7-Eleven pulled out of a deal with another major local retailer.

On Tuesday, Futures Retail reached a mutual agreement with 7-Eleven, which will cancel the existing partnership to build and operate stores across the country.

In a brief statement, Future Retail stated that “the store could not reach the opening target and the owner was unable to pay the fee.”

The company has previously said there is an epidemic. “Significant adverse impact“In its business operations. Recently, Reliance was acquired for futures retail, however it is in a tough position. The legal battle With Amazon (AMZN) Months on a potential contract.
In August, the Supreme Court of India Ruled In support of Amazon’s efforts to stop the acquisition.
In recent months, Ambani has revealed aggressive ambitions to capture both Amazon and Walmart (WMT), Which dominates online shopping in India. Reliance creates an e-commerce platform called Geomart, which can ultimately provide everything from electronics and clothing to medicines and healthcare.

In a statement on Thursday, Isha Ambani said Reliance Retail was “proud” to merge with 7-Eleven, “one of the most popular global brands in the convenient retail landscape.”

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Joe Dipinto, CEO of SEI, which owns 7-Eleven, said in the same statement that it would help bring the chain to “millions of Indian consumers.”

“India is the second largest country in the world and one of the fastest growing economies,” he said. “This is a great time for our entry into the world’s largest convenience retailer.”

– Deeksha Madhok contributed to this report.