Apple chief executive Tim Cook has unveiled plans to open stores in India as the tech giant bids to capitalise on “huge potential” in the market.

The electricals retailer, which reported a 27% decline in profit to $7.8bn (£5.9bn) during its third quarter, has revealed it will launch a bricks and mortar presence after seeing iPhone sales sold through other retailers in the Indian market spike 51% during the same period.

The retailer currently sells iPhones and iPads in India through authorised resellers rather than directly through its own store network.

Cook said: “India is now one of our fastest growing markets. We’re looking forward to opening retail stores in India down the road and we see huge potential for that vibrant community.”

He did not provide a timeline or reveal details on how many stores it was targeting in the region.

Apple’s previous ambitions to open stores in India were stalled in May due to legislation that required at least 30% of goods sold in the country to be sourced locally.

However, the domestic government changed that rule earlier this month.

Despite seeing iPhone sales jump in India, Apple reported a global delcine in iPhone sales with 40.4m of the smartphones sold during its third quarter.

The fall marked the second consecutive quarter of declining sales for the retailer’s flagship product.

Apple also posted the tenth consecutive quarter of decreasing iPad sales, which caused total sales to slump 14.6% to $42.4bn (£32.3bn).