Report: India to allow certain single-brand retailers to open

New York City -- The government said it would lift the current 51% ownership limit on foreign companies that sell just one brand of products — a group that would include such companies as Gap, Apple and Starbucks — if they met certain strict conditions, the report said.

The requirements include a purchasing condition that single-brand retailers buy 30% of the value of their products from small Indian businesses and artisans, which are defined as businesses and individuals that have invested less than $1 million in factories or equipment.

The new rules also require investors who want to hold 100% of single-brand stores must own the brands that their stores sell.

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