A report published in The Economic Times suggested that Apple leased around 20,000-25,000 sq ft space spread over three floors in the mall located in the commercial hub of Bandra Kurla Complex (BKC). Mumbai being the country’s financial and commercial capital makes for a perfect location for such a store to come up, though the real estate prices there are soaring.
The report suggested that the Apple US is currently camping in Mumbai for designing and creating layout. The outlet that is expected to open doors in September next year.
Apple has been planning to open its fully-owned iconic outlets in India for some time now. However the Indian government had mandated 51% foreign direct investment (FDI) through single-brand retailing route to locally source 30% of the products they sell in the country.
In August 2019, India amended rules for single brand licence holders to include exports and contract manufacturing to be counted in the mandatory 30% local sourcing norm over a period of five years.