H&M plans to invest $131 million in India

New Delhi, April 29 (IANS) Swedish clothing retailer Hennes & Mauritz (H&M) plans to invest euro 100 million ($131 million) to set up 50 wholly owned single-brand stores in India, the government said Monday.

H&M has applied for 100 million euro 100 percent single-brand investment through wholly owned subsidiary of the brand owner, according to a statement released by the ministry of commerce and industry here.

H&M plans to open 50 stores in different parts of the country.

"After the liberalization of FDI policy in single brand retail, there has been a considerable interest shown by all global retail majors," Commerce and Industry Minister Anand Sharma said in a statement.

"The government remains committed to liberal economic reforms agenda. We view foreign investments as a source of technology, finance and means of creating gainful employment in the country," Sharma said.

H&M is the second big Swedish firm to announce the retail business plan for India.

Furniture company IKEA plans to invest Rs.10,500 crore ($1.94 billion). The company has already got approval from the Foreign Investment Promotion Board (FIPB) and can start operation after getting the nod from the federal cabinet.