MUMBAI (Reuters) - Swedish retailer Hennes & Mauritz (HMb.ST) 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
Reporting by Nandita Bose; Editing by Anupama Dwivedi