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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Reliance Industries to Roll Out 7-Eleven Stores in India

10/06/2021 | 09:47pm EST

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.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

10-06-21 2347ET

Stocks mentioned in the article
ChangeLast1st jan.
RELIANCE INDUSTRIES LTD -0.15% 2517.05 Delayed Quote.6.49%
SEVEN & I HOLDINGS CO LTD -1.83% 5095 Delayed Quote.2.65%
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Financials
Sales 2022 6 928 B 92 845 M 92 845 M
Net income 2022 574 B 7 693 M 7 693 M
Net Debt 2022 212 B 2 836 M 2 836 M
P/E ratio 2022 28,7x
Yield 2022 0,32%
Capitalization 16 028 B 215 B 215 B
EV / Sales 2022 2,34x
EV / Sales 2023 2,01x
Nbr of Employees 236 334
Free-Float 46,5%
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Number of Analysts 31
Last Close Price 2 521,80 INR
Average target price 2 670,66 INR
Spread / Average Target 5,90%
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Managers and Directors
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Savithri Parekh Secretary & Compliance Officer
Dipak Chand Jain Independent Non-Executive Director
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