Mukesh Ambani, the richest man in Asia, will bring the convenience stores of 7-Eleven Inc. to India, which will be added to its growing retail empire in the single consumer market of one billion people in the world who is Open to foreign companies Mr. Ambani’s Reliance Retail Ltd. secured the PACT, the days, the days after the supermarket operator with problems, the Future Retail Ltd. finished its own agreement with one of the largest convenience chains in the world. The first 7 eleven store will open on Saturday at a suburb of Mumbai, and will be followed by an additional “Rapid Rubid” that begins in the financial center of India, the Reliance Mink said in a statement on Thursday, without providing details Financial
Reliance threw the transaction after a well-known future minority. This week he said that he finished the agreement that held with 7-Eleven in 2019 by mutual consent after he could not open the stores of the brand or pay the fares of the franchise. Mr. Ambani is locked up in a bitter battle of the court with Amazon.com Inc. for the assets of future retailers, which is one of the largest brick and mortar chains of India.
The movement is part of the potent wider ambition of Tycoon to take advantage of the formalized retail growth of India. Reliance is expanding its support point at a rapid rate, adding 1,500 new stores last year to a total of almost 13,000, Mr. Ambani said at a meeting of shareholders in June. The actions of the insignia industries of Mr. Ambani’s reliance increased to 1.6% on Thursday.
‘IDEAL TIME’
“India is the second largest country in the world and has one of the fastest growing economies,” said 7-Eleven president and Executive Director Joe Depintoto in the statement. “It is an ideal time for the greatest retailer of convenience in the world to make our entrance to India The 7-Eleven entrance also comes at a fortuitous moment, since India enjoys a relative relative of Covid-19 infections after a devastating wave hit the country a few months ago. Daily cases are now floating near a low restriction of 7 months and have been largely raised throughout the country, since the Indian vaccination unit wins an impulse.
Many foreign companies have covered access for a long time to the Indian market of approximately 1.4 billion people in a country where discretionary spending on the increase. However, they have faced important obstacles to entry and political opposition, given the ubiquity of Kirana’s store, small-scale mom and pop shops that represent approximately three quarters of India retail landscape.
“To make a dent, trust should have a similar penetration over time,” said Utkarsh Sinha, general director of Mumbai, Bexley Advisors Ltd. “A wind wind in his favor will be the affinity of the market for brands : While they can build it, they can cause a change in the behavior of purchases. “
Changing landscape
The agreement between the two companies is a “good fit” that can take advantage of the digital scope of Reliance and gives Mr. Ambani a “last mile link to the consumer”, according to Saloni Nangia, President in TECHNOPAK ADVISORS PVT retail consulting The landscape is changing with Kiranas also with digital assistance and that will be the largest growth segment in India,” she added.
The linked Mr. Ambani with 7-Eleven is also another sign of the increase of the strangulators, a handful of dominant Indian conglomerates are being exercised over the retail space of India, as they act more and more like a gateway to a Greater foreign investment Many global companies, from Facebook Inc. to Starbucks Corp. have won the entrance to the country’s mass market in recent years, in recent years, in the agreements with Indian players, including Reliance and Tata Group, which have also agreedly acquired The new companies acquired.