Apple India files application to open retail stores in the country

Apple India has filed an application to open Apple branded retail stores in India with the department of industrial policy and promotion (DIPP).

"We have just received Apple's proposal. We are examining it,” DIPP Secretary Amitabh Kant told the Economic Times.

Last November it was reported that Apple crossed the $1 billion sales mark in its India operations for the first time in the fiscal year that ended in March, according to results filed with the Registrar of Companies (RoC) on Wednesday. 

According to a Brand Equity report, Apple posted a 44% increase in sales to Rs 6,472.89 crore from Rs 4500.35 crore and net profit doubled to Rs 242.85 crore from Rs 119.48 crore as the company widened its retail network and stepped up marketing efforts, including buyback schemes, installment programs and discounts.

Getting a foothold in India has been a challenge for Apple. The company has opened its retail stores in a number of countries around the world, but not in India. The country has restrictive real estate investment laws for foreign companies.