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7-Eleven’s arrival in India was canceled after it was revealed this week that its local partner operator withdrew its agreement with the American convenience store firm. Financial troubles have been cited as one of the reasons for the termination of the deal.
Reuters reported earlier this week that India’s Future Retail Company and the Dallas, Texas, headquartered convenience store chain firm made a mutual decision to terminate their contract that was first signed in 2019. With how things turned out, 7-Eleven failed to enter India.
However, in the latest news, it was revealed that the country’s richest man, Mukesh Ambani, has stepped in to proceed with the launch of 7-Eleven in India. According to CNN Business, through the billionaire’s Reliance Retail Company, they will bring the convenience store brand to India.
On Thursday, Oct. 7, Reliance Retail announced that it would be opening the very first 7-Eleven store in the country, and this is happening sooner than expected. The company said it is launching the first outlet this coming Saturday, Oct. 9, in Mumbai.
In a statement, Mukesh Ambani’s retail firm added that from Mumbai, they would gradually open more stores in significant neighborhoods and commercial locations. The rollout will run smoothly, and the company intends to do this fast, so 7-Eleven will be present in key places soon.
Like the other 7-Eleven convenience stores in the world, the Indian unit will also sell snacks, drinks, and other items that will be customized according to the preferences of the locals. Of course, there will be popular imported goods as well.
“India is the second-largest country in the world and has one of the fastest-growing economies,” BBC News quoted Joe DePinto, 7-Eleven Inc. president and chief executive officer, as saying with regards to the store’s opening in India. “It’s an ideal time for the largest convenience retailer in the world to make our entry.”
Meanwhile, Mukesh Ambani, the man who will bring 7-Eleven to India, is the richest man in his country. He owns several businesses and built an empire out of his chemicals, retail, telecommunications, and energy ventures. Based on Bloomberg Index, he is said to have a net worth of $99.1 billion.
Lastly, it was his daughter, Isha Ambani, who helped seal the deal with 7-Eleven. She is currently serving as Reliance Retail’s director.
