Apple has filed an application with the Indian government to set up its retail outlets in one of the fastest-growing smartphone markets, a spokesman for the Cupertino-based company said on Wednesday.
Apple’s retail expansion plans in India come at a time when concerns about slowing growth in the United States and China, the world’s most important market for smartphones, have weighed on the company’s stock in the last few months.
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According to a PTI report, Apple 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, PTI report added.
“The company has sought permission for single brand retailing and sell its product online also,” they said adding Apple has not mentioned the amount of investment and number of stores it wants to open.
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.
With PTI inputs