Mumbai, January 20 (Reuters): Apple, the maker of iPad and iPhone, has sought permission from the government to open single brand retail stores and also enter the e-commerce business in the country.
“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. Single brand retailers are also allowed to take e-commerce route for such trading.
At present, 100% FDI is permitted in the sector. But beyond 49%, 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.
