Good news for Apple users! Apple India has filed an application to open its own Apple branded stores in India with the Department of Industrial Policy and Promotion (DIPP). The US based company has also sought approval to sell its products online.
The DIPP secretary said that they are examining the application. The investment amount has not been disclosed.
The Government in November had relaxed few rules on foreign direct investment including the policy that mandated companies opting for more than 51% FDI in single brand must source 30% of their products within the country. The earlier policy also restricted individual brands with foreign investments to set up their own online portals.