Swedish clothing giant H & M gets nod for Rs 700-cr FDI proposal

The Department of Industrial Policy and Promotion (DIPP) has given its approval to Swedish apparel giant company Hennes & Mauritz AB's Rs 700-crore investment proposal to foray into the Indian single-brand retail market.

The spokesperson from the H& M spoke to V J Media exclusively on the move, "We are eager to invest in India and have filed an application in April where we fulfill all the requirements on the Single Brand Retail Trading Policy and are now just waiting for approval to proceed. With an approval in place we have the capability to act fast.”

H&M, famous for its bold prints and fast-fashion clothing, had sent the application to DIPP in April, and will be investing euro 100 million in the first phase through its wholly-owned subsidiary.

H&M 700 Cr proposal is the second largest proposal after furniture-maker Ikea's Rs.10,500 Cr proposal which was also from Sweden earlier this year. H&M plans to open 50  stores in the country .