The Foreign Investment Promotion Board (FIPB) has given its approval to Swedish clothing retailer Hennes & Mauritz AB to invest Rs 720 crore in India. The company waited for seven months to get the FIPB's approval.
Hennes & Mauritz (H&M), last month, sorted out the problem with the Department of Industrial Policy & Promotion. H&M, which wants to open stores across India, had applied to the DIPP in April this year for entering single-brand retail.