Shares of Future Retail
soared 4.5% on the BSE in the afternoon session.
7-Eleven, Inc has signed a master franchise agreement with a subsidiary of Future Retail Ltd to develop and operate 7-Eleven stores within India. The expansion marks the company's first entry into India.
The first 7-Eleven convenience store in India is expected to open in 2019. The new master franchisee plans to build 7-Eleven stores as well as convert some of its existing locations to the 7-Eleven brand. The entry of into the country will modernize the small-retail environment and bring greater convenience to shoppers, the company said in the filing.
"7-Eleven, Inc. is among the most iconic global brands in the food retail landscape. We are proud to bring this globally trusted convenience store to India and build new pathways together that will offer Indian customers greater convenience and choices, within their own neighborhood," said Kishore Biyani, Founder & Group CEO, Future Group.
Future Retail Ltd is currently trading at Rs424 up by Rs14.75 or 3.6% from its previous closing of Rs409.25 on the BSE. The scrip opened at Rs418 and has touched a high and low of Rs433.20 and Rs415.85 respectively.