MUMBAI Dec 2 Swedish retailer Hennes & Mauritz
has received final approval from India's Foreign
Investment Promotion Board (FIPB) to invest 7.2 billion rupees
($115.2 million) in the country, according to a government
statement on Monday.
The world's second biggest fashion retailer had said in
April this year it plans to open 50 stores in India, hoping a
growing population and rising incomes in Asia's third-largest
economy would fuel demand for its fast-changing fashions.
The government approval will allow the company to set up a
wholly-owned subsidiary in the country, the statement added.
India permitted foreign single-brand retailers to own 100
percent of their Indian operations in January 2012 and Swedish
budget furniture chain IKEA was one of the first to
receive an approval for its investment plans in May this year.
($1 = 62.4900 Indian rupees)
(Reporting by Nandita Bose; Editing by Anupama Dwivedi)