Chinese smartphone maker Oppo has secured approval to open single-brand retail stores in India to increase its customer base.
Granted by India’s Foreign Investment Promotion Board (FIPB), the approval will allow the company direct access to consumers and will enhance its existing wholesale business.
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Until last year, India's foreign direct investment (FDI) policy mandated foreign companies intending to operate through the single-brand retail route to procure 30% of products locally. However, the rule was relaxed for three years to attract foreign retailers to invest in the country.
According to the Business Standard, Oppo is planning to invest around Rs22bn ($336.85m) to set up a new factory for the manufacture of mobile phones in Greater Noida.
The report also noted that the company intends to begin exporting phones manufactured in the country to West Asia, North Africa, and other South Asian markets in the next two-three years.
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