LeEco plans to launch up to 10 stores in India including Delhi and Mumbai

LeEco plans to set up up to 10 of its own stores once it gets an approval for opening its own stores under single brand retail (SBR) license.

The government on Monday relaxed local sourcing norms by up to three years, with an extension for up to five years. The move came among a slew of FDI reforms for civil aviation, defence, pharmaceuticals, and private security services.

"It's an extremely positive development, we are hopeful that we will get government approval and open our stores in India," said Atul Jain, COO of LeEco's Indian smartphone business.

The company had applied for a single brand retail license two months ago, and had sought an exemption from local sourcing under the clause that most of its technology is "state-of-the-art" and "cutting edge", on similar lines as that of Apple.

Image Source