Future Retail jumps 5% after pact with 7-Eleven

NEW DELHI: Shares of Future Retail jumped nearly 5 per cent on Thursday afternoon after its subsidiary SHME Food Brands Private signed a master franchise agreement with 7-Eleven to develop and operate its stores in India.

The first 7-Eleven convenience store in India is expected to open in 2019. The new master franchisee plans to build the stores as well as convert some of its existing locations to the brand. 7-Eleven's entry into the country is expected to modernise the small-retail environment and bring greater convenience to shoppers.

Kishore Biyani, Founder and Group CEO, Future Group, said: "7-Eleven 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 neighbourhood."

The scrip hovered at Rs 429.25, up 4.89 per cent at around 01:19 pm while the benchmark BSE Sensex was down 0.06 per cent at 35,884.53.

Meanwhile, the stock of Future Retail opened at Rs 418 on the BSE against its previous closing of Rs 409.25.