Apple Could Hit Setback in Push to Open Retail Stores in India
- India panel said to require Apple meets local sourcing rules
- Panel said to decide it can’t give company an exception
Apple Said to Hit India Setback
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Apple Inc. Chief Executive Officer Tim Cook went to India last week to push his bestselling iPhones. The trip may not have paid off.
India’s Foreign Investment Promotion Board ruled Apple must comply with regulations to procure 30 percent of components locally if it wants to sell through its own retail stores, according to people with direct knowledge of matter. The company makes most of its products in China and doesn’t currently meet that criteria.