Saturday, May 05, 2007

Starbucks revises application to open outlets in India

Starbucks has revised it's application and applied for a second time to the Foreign Investment Promotion Board (FIPB) so that it may open stores in India. It’s earlier application was rejected by FIPB due to “lack of clarity on the foreign shareholding structure”. A spokeperson for Starbucks said that "After working closely with the Ministry of Commerce and Industry to better understand the existing foreign investment regulations, Starbucks submitted a revised application on April 13 to operate single-brand retail stores in India with a restructured entity."

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