December 2, 2013 / 1:05 PM / 4 years ago

H&M gets government nod to invest $115 million in India

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

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