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iPhone Maker Apple Gears Up To Invest Rs 1,000 Crore in India With Govt Allowing 100 Percent FDI In Single Brand Retail
The Apple logo is seen on the window at an Apple Store on 7 January 2019 in Beijing, China. (representative image) (Kevin Frayer/GettyImages)
Apple has committed to the centre that it plans to invest Rs 1,000 crore to set up an online selling platform and to open up its iconic stores across India, reports The Economic Times.
On Wednesday (28 August), the government announced its decision to allow cent per cent Foreign Direct Investment (FDI) in the single-brand retail sector.
The company, while lauding the centre’s decision on FDI norms in the sector, appraised its support base in India and stated that its plans to welcome customers to India’s first Apple-owned retail store.
In a statement, Apple said: “We love our customers in India and we’re eager to serve them online and in-store with the same experience and care that Apple customers around the world enjoy.”
The company plans to open its first such store in Mumbai, followed by New Delhi. The third location of the store is yet to be decided, a source from the government familiar with the company’s plans said.
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