Swedish retailer Hennes & Mauritz has received final approval from Foreign Investment Promotion Board (FIPB) to invest Rs 720 cr 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.
The government permitted foreign single-brand retailers to own 100% 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.
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