Apple Inc. has welcomed India's decision to relax rules on foreign direct investment and says it is eager to open its first retail store in the country.

Photo: VCG

The California-based company said in a statement Thursday that it appreciates Indian Prime Minister Narendra Modi's support for the new rules, which ease a 30% local sourcing requirement for single-brand retailing and permit online sales without the prior opening of brick-and-mortar stores.

Apple couldn't open a store in India because it wasn't prepared to meet the 30% requirement.

It said it will take some time, but it looks forward to welcoming customers to India's first Apple Store. Apple products are presently sold in India through franchise stores with tough competition from South Korean and Chinese smartphone makers.