Asia's Richest Tycoon Ambani Targets Retail Market... Launches First 7-Eleven in India

▲Mukesh Ambani, Chairman of Reliance Group [Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Mukesh Ambani, chairman of Reliance Industries and the richest person in Asia from India, is launching the global convenience store brand Seven-Eleven in India for the first time.

Reliance Group, which started in energy and expanded its business into telecommunications, is accelerating its dominance in the local distribution industry.

According to Indian media NDTV and foreign news outlets on the 8th, Reliance Retail Ventures, led by Chairman Ambani, will open the first Seven-Eleven store in India on the 9th in the suburbs of Mumbai.

Reliance stated, "We will rapidly expand our sales network to major residential and commercial areas in Mumbai."

This announcement came after India's leading distribution company Future Group announced on the 5th that it would terminate its contract related to the Seven-Eleven launch.

Reliance is understood to have recently pursued the acquisition of Future Group, but due to delays caused by legal disputes, it directly signed a launch contract with Seven-Eleven. Seven-Eleven currently operates about 77,000 stores in 18 countries.

Ambani currently holds the position of Asia's richest person with a net worth of $97.7 billion (approximately 117 trillion KRW) according to the Forbes billionaire ranking.

He initially focused on oil, gas, and petrochemicals, then dominated the Indian telecommunications market in recent years through Reliance Jio, and is now expanding into the distribution sector.

Reliance Retail Ventures operates supermarkets, consumer electronics stores, fashion complexes, large discount stores, and the fresh food distribution site JioMart.

This content was produced with the assistance of AI translation services.