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

Swedish retailer Hennes & Mauritz has received final approval from Foreign Investment Promotion Board (FIPB) to invest Rs.720 crore in the country, according to a government statement.
The world 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 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.

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