After months of back and forth, Apple once again seems close to opening retail stores in India after the country relaxed its restrictions on foreign retailers, Bloomberg reports. Apple was denied an exemption to rules that require single-brand retailers in India to source at least 30 percent of their components locally, but on Monday India relaxed restrictions on all foreign investors in an effort to boost investment.
Under the new rules, single-brand retailers have a grace period of three years before being required to meet the local sourcing requirement, with another five-year extension possible for companies who can prove they are selling cutting-edge technology. Commerce Minister Nirmala Sitharaman said Apple will have to reapply for permission to open stores in India, and the government hasn’t ruled on whether Apple will meet the cutting-edge criteria for the added extension. Apple declined to comment on the story.
