Smartphone leader Apple has made an application to open retail stores in India, according to a senior official at the Trade Ministry on Wednesday.
The decline of China, one of Apple’s largest markets, and heavy competition from cheaper smartphone brands has led to the company making a play to expand in India. Currently the US-based brand sells its products in India through third-party retailers.
Amitabh Kant, bureaucrat at the Trade Ministry’s department of industrial policy and promotion, told The Wall Street Journal that they “have received the application filed by Apple India Private Ltd. and are examining it”.
India’s smartphone market is one of the fastest-expanding markets, set to overtake the US by 2017.
Apple (NASDAQ:AAPL) are currently trading down 0.48 percent on the news, at 96.66 a share (1022GMT).
20/01/2016
