The company through its wholly owned subsidiary Starbucks Coffee International informed the commerce and industry ministry and the Foreign Investment Promotion Board about its decision and formally withdrew the application to operate single-brand retail stores, a company spokesperson told PTI from Seattle.
The coffee retailer had earlier said that it was planning to open its first store in India in New Delhi or Mumbai by the end of this year.
"Starbucks is reviewing all its options and evaluating how it will proceed related to our entry into one of the fastest growing economies in the world," the spokesperson said.
The official added that Starbucks, headquartered in Seattle, remains excited about the "great opportunities that India presents and committed to bringing the finest coffee in the world, handcrafted beverages, legendary service and the unique Starbucks Experience to customers in India in the future."