Lots of confusion here, but the answer is largely "no" for GPL. RLKing Software's answer above is mostly correct, with a tweak.
The problem isn't the GPL clause that requires you to redistribute the source code; you can certainly meet that obligation.
The problem is Section 10 of the GPL license itself, which states that you may not impose additional restrictions when you resdistribute the GPL code of others. Putting an app in the App Store requires you to comply with Apple's additional restrictions, and that is not allowed by the GPL.
All open source licenses are not the same. Companies often choose GPL over BSD or other more liberal licenses because they want to restrict you from using their software in commercial products. They often dual-license, allowing you to purchase the same code under a license which is compatible with systems like the App Store.
RaviM, you should contact the company to find out if there are other license options other than GPL. Otherwise, you are asking for trouble, either from the company or Apple itself if you bundle it in your product.