7-Eleven, the world’s largest convenience retailer, is coming to India.

The Irving, Texas-based firm on Thursday signed a master franchise agreement with a subsidiary of Kishore Biyani’s Future Retail.

The agreement is to develop and operate 7-Eleven stores in the country.

The first 7-Eleven convenience store is expected to open this year itself.

A joint statement issued by both the companies said the new master franchisee plans to build 7-Eleven stores as well as convert some of its existing locations to the 7-Eleven brand. These stores will be operated by SHME Food Brands Private Ltd, a subsidiary of Future Retail.

According to the Future group, 7-Eleven's entry into the country will modernise the small-retail environment and bring greater convenience to shoppers.

“Internationally popular products, beverages, snacks and immediately consumable fresh foods with recipes developed for local tastes will be part of the initial convenience offering,” the company added.

7-Eleven will support Future Retail to implement and localise the unique 7-Eleven business model. At present, 7-Eleven operates more than 67,000 stores worldwide in countries that include the United States, Canada, Mexico, Japan, Thailand, South Korea, Taiwan, China, Hong Kong, Macau and Australia.

Known for its iconic brands such as the Slurpee, Big Bite and the Big Gulp, 7-Eleven, which serves over 62 million customers daily, offers customers industry-leading private brand products under the 7-Select brand

“7-Eleven is among the most iconic global brands in food retail. We are

proud to bring this globally trusted convenience store to India and build new pathways together that will offer Indian customers greater convenience and choices, within their own neighbourhood,” said Future Group founder and CEO Kishore Biyani.

The announcement led to the Future Retail scrip ending with gains of almost 4 per cent on the stock exchanges. On the BSE, the scrip finished 3.59 per cent higher at Rs 423.95.