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.
"After the liberalisation 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
According to the ministry's statement, H&M has applied for 100 per cent single-brand investment through wholly owned subsidiary of the brand owner.
"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 cabinet.