Reliance Industries rises as its arm inks pact to launch 7-Eleven convenience stores in India
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Reliance Industries is currently trading at Rs. 2593.85, up by 33.65 points or 1.31% from its previous closing of Rs. 2560.20 on the BSE.
The scrip opened at Rs. 2600.00 and has touched a high and low of Rs. 2600.00 and Rs. 2583.95 respectively. So far 10956 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2,612.00 on 05-Oct-2021 and a 52 week low of Rs. 1830.00 on 29-Jan-2021.
Last one week high and low of the scrip stood at Rs. 2623.00 and Rs. 2495.85 respectively. The current market cap of the company is Rs. 1731225.16 crore.
The promoters holding in the company stood at 50.59%, while Institutions and Non-Institutions held 38.38% and 11.03% respectively.
Reliance Industries’ subsidiary-- Reliance Retail Ventures (RRVL), through its wholly owned subsidiary, 7-India Convenience Retail, has entered into a master franchise agreement with 7-Eleven, Inc. (SEI) for the launch of 7-Eleven convenience stores in India. The first 7-Eleven store is set to open on October 9, 2021 in Andheri East, Mumbai. This will be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster to start with.
With the launch of 7-Eleven stores, RRVL as the country’s largest retailer, takes a step further in its journey of offering a superior shopping experience and compelling value proposition for Indian customers. The 7-Eleven stores aim to provide shoppers with a unique style of convenience, offering a range of beverages, snacks and delicacies specifically curated to appeal to local tastes, along with refill of daily essentials, having affordability and hygiene at its very core. With a rapid expansion plan on the anvil, it is expected to be a significant contributor to local employment and building the eco-system for convenient foods. SEI will also support RRVL in implementing and localizing the unique 7-Eleven convenience retail business model for India, including bringing best in class processes and practices.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
