7-Eleven Inc and Future Retail have ended their agreement to operate convenience stores in India just two years after it was signed.
Reuters reports that the two companies arrived at a mutual decision to end the relationship, with Future Group failing to meet store rollout targets and the payment of franchise fees.
The original deal was revealed in February 2019 and in December that year Future Group founder and CEO Kishore Biyani said the firm would concentrate on development in Mumbai only for the initial few years of business, with the first outlets launching in March 2020.
He said the company planned to open 1000 7-Eleven stores in the city before moving out into other regions of the country after two to three years.
However Indian news sources reported last year that the impact of the Covid-19 pandemic had delayed the implementation of the franchise agreement.
In a statement, Future Group said the termination would have no financial or business impact on the company.