Apple Hopes for DIPP Nod to Open Single Brand Stores in India
The company has been actively trying to build a base in the country.
Apple, the maker of the iPad and the iPhone, has sought permission from the government to open single brand retail stores and also enter the e-commerce business in the country. In this context, Apple India Pvt Ltd has sent an application to the Department of Industrial Policy and Promotion (DIPP).
The DIPP is expected to seek some more information about the proposal, sources said.
“The company has sought permission for single brand retailing and to sell its product online also,” they said adding Apple has not mentioned the amount of investment and number of stores it wants to open. And Apple seems to have confirmed the report to Reuters earlier today.
The development comes after the government relaxed the foreign direct investment (FDI) policy for single-brand retailing. The government may also relax sourcing norms for entities undertaking single brand retailing of products having ‘state-of-the-art’ and ‘cutting edge’ technology and where local sourcing is not possible. Single brand retailers are also allowed to take the e-commerce route for such trading.
At present, 100 percent FDI is permitted in the sector. But beyond 49 percent, permission of Foreign Investment Promotion Board (FIPB) is required.
The company sells its products through Apple-owned retail stores in countries including China, Germany, the US, the UK and France. It has no wholly-owned store in India and sells its products through distributors such as Redington and Ingram Micro.
(With agency inputs)
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