Tech & Sci
16:18, 04-Oct-2017
China’s smartphone maker OPPO cleared to open stores in India
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Chinese smartphone manufacturer OPPO’s request to open retail stores in India has been approved by the government, paving the way for the Chinese firm to sell directly to consumers and add to its existing wholesale business.
India is the world’s third-largest smartphone market and where global giants such as Apple have been trying to gain a foothold, meaning this is a major step in expanding OPPO's business.
The Foreign Investment Promotion Board (FIPB) approved OPPO Mobiles India Pvt. Ltd.’s request on Tuesday, according to a notice on the department’s website.
The government also approved luxury goods retailer Louis Vuitton’s application to open its own stores in India.
India allows foreign firms to sell directly to consumers through the so-called ‘single-brand retail’ route, but companies need to source 30 percent of the products locally.
India moved to partially relax those conditions in 2016, exempting foreign retailers for three years from the 30 percent local sourcing rule in a bid to attract more investment.
Source(s): Reuters