Future Retail closed a franchise agreement with 7-Eleven Inc. on Tuesday, failing to meet targets for the US company to open convenience stores in India, open stores and pay owners.
The two companies have decided to conclude a mutual agreement, which was first announced in 2019 that Future Retail will launch the first branded store of 7-Eleven in India in the future.
Earlier in the year, media reports claimed that the Govt-19 epidemic had prevented the implementation of the license agreement.
Future Retail, which operates local retail chains such as Fuchsol and Nilgiris, said it plans to launch two new stores under the brand in 2019 and turn some of its operations into an American brand.
However, the company said in a statement that the shutdown would not have any financial or business impact on future retail.