Future Retail arm terminates master franchise agreement with 7-Eleven Inc

The Master Franchise Agreement dated 28th February, 2019 executed between Future7-India Convenience Limited, Future Retail Limited's wholly owned subsidiary ('Future-7') and 7-Eleven INC, and also executed by the Company and Future Corporate resources Private Limited ('FCRPL') as confirming party and Controlling Principal for developing and operating 7-Eleven® stores within India, is now terminated pursuant to execution of Mutual Termination Agreement ('the Agreement') executed among the Company, Future-7, 7-Eleven, INC and FCRPL on 05th October, 2021.

The termination has been with mutual consent as the Future-7 was not able to meet the target of opening stores and payment of franchisee fees.

No financial or business impact on the Company as this arrangement was at subsidiary company level.

Shares of Future Retail Ltd. was last trading in BSE at Rs. 51.55 as compared to the previous close of Rs. 51.9. The total number of shares traded during the day was 506396 in over 3388 trades.

The stock hit an intraday high of Rs. 52.8 and intraday low of 51.05. The net turnover during the day was Rs. 26234026.

Source : Equity Bulls

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