New Delhi: Chinese handset maker LeEco has requested the government to relax mandatory sourcing norms for the company as it looks to ramp up its retail presence in the country. LeEco, which entered the Indian market in January this year, had filed an application with the Foreign Investment Promotion Board (FIPB), seeking approval for opening single brand retail shops in India.
At present, 100% FDI is permitted in the sector but beyond 49%, FIPB permission is required. LeEco is the third smartphone vendor after US tech giant Apple and Chinese player Xiaomi that sought exemption from local sourcing norms for opening single-brand retail stores in the country.
