<p>Future Retail on Tuesday said it has terminated its master franchise agreement with the Dallas, US-based convenience stores operator 7-Eleven.</p>.<p>The Kishore-Biyani led firm had signed the pact with 7-Eleven in 2019 for operating stores under the brand name in India.</p>.<p>Future Retail in a regulatory filing on Tuesday said it has terminated the Master Franchise Agreement entered into on February 28, 2019, which was executed between Future7-India Convenience Ltd, a wholly-owned subsidiary, and 7-Eleven Inc.</p>.<p>The agreement was also executed by the company and Future Corporate Resources Private Ltd (FCRPL) as confirming party and controlling principal for developing and operating 7-Eleven stores in India.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/reliance-retail-extends-deadline-to-complete-rs-24713-crore-deal-with-future-group-1036268.html" target="_blank">Reliance extends deadline to complete deal with Future</a></strong></p>.<p>According to the filing, this Master Franchise Agreement "is now terminated pursuant to execution of Mutual Termination Agreement executed among the Company, Future-7, 7-Eleven, INC and FCRPL on October 5, 2021."</p>.<p>Set up in 1927, 7-Eleven is considered to be the world's largest convenience store. It operates 71,100 stores in 17 countries as of July 2020.</p>.<p>According to industry watchers, Future Retail had planned to open a store in Mumbai in early 2020 but it got delayed due to the Covid-19 pandemic and the company could not open a single 7-Eleven store.</p>.<p>After the lockdown, the debt level of Future Group firms mounted, following which in August last year, it had announced a Rs 24,713 crore deal to sell its retail and wholesale business as well as the logistics and warehousing arm to Reliance Industries' retail subsidiary Reliance Retail Ventures Ltd (RRVL).</p>.<p>The deal has been contested by e-commerce major Amazon, an investor in Future Coupons that in turn is a shareholder in Future Retail Ltd. The deal awaits regulatory and judicial clearances.</p>.<p>Earlier, this month RRVL had -- for the second time -- extended the timeline for completing its Rs 24,713 crore deal with Future Group to March 31, 2022.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>Future Retail on Tuesday said it has terminated its master franchise agreement with the Dallas, US-based convenience stores operator 7-Eleven.</p>.<p>The Kishore-Biyani led firm had signed the pact with 7-Eleven in 2019 for operating stores under the brand name in India.</p>.<p>Future Retail in a regulatory filing on Tuesday said it has terminated the Master Franchise Agreement entered into on February 28, 2019, which was executed between Future7-India Convenience Ltd, a wholly-owned subsidiary, and 7-Eleven Inc.</p>.<p>The agreement was also executed by the company and Future Corporate Resources Private Ltd (FCRPL) as confirming party and controlling principal for developing and operating 7-Eleven stores in India.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/reliance-retail-extends-deadline-to-complete-rs-24713-crore-deal-with-future-group-1036268.html" target="_blank">Reliance extends deadline to complete deal with Future</a></strong></p>.<p>According to the filing, this Master Franchise Agreement "is now terminated pursuant to execution of Mutual Termination Agreement executed among the Company, Future-7, 7-Eleven, INC and FCRPL on October 5, 2021."</p>.<p>Set up in 1927, 7-Eleven is considered to be the world's largest convenience store. It operates 71,100 stores in 17 countries as of July 2020.</p>.<p>According to industry watchers, Future Retail had planned to open a store in Mumbai in early 2020 but it got delayed due to the Covid-19 pandemic and the company could not open a single 7-Eleven store.</p>.<p>After the lockdown, the debt level of Future Group firms mounted, following which in August last year, it had announced a Rs 24,713 crore deal to sell its retail and wholesale business as well as the logistics and warehousing arm to Reliance Industries' retail subsidiary Reliance Retail Ventures Ltd (RRVL).</p>.<p>The deal has been contested by e-commerce major Amazon, an investor in Future Coupons that in turn is a shareholder in Future Retail Ltd. The deal awaits regulatory and judicial clearances.</p>.<p>Earlier, this month RRVL had -- for the second time -- extended the timeline for completing its Rs 24,713 crore deal with Future Group to March 31, 2022.</p>.<p><strong>Watch latest videos by DH here:</strong></p>