Apple seeks relaxation in FDI norms

Apple has asked the government to relax the local sourcing clause in its FDI policy, but both sides declined to comment on this matter.

This US-based player is considering various options to establish its presence here. At present, Apple has franchise agreements in the local market with its partners including Reliance Retail, which operates 22 stores.

As per the present norms, it is necessary for a company to source 30 per cent of its contents from the country’s micro, small and medium enterprises.