|
NEW DELHI (AP) - Starbucks has put on hold its plan to open a chain of retail stores in India, the company said without giving a reason.
The coffee giant informed the Indian government that it has decided "to postpone our entry into India and officially withdraw the application to operate single-brand retail stores in this country," according to a company statement released Monday.
The Seattle-based Starbucks was among more than 15 companies that applied to open stores in India after its government last year allowed foreign investors to sell single brand products, subject to an equity cap of 51 percent.
|