H&M granted permission to enter India

Swedish retailer Hennes & Mauritsz AB (H&M) has received

final approval from the Indian Government to open fifty stores in the country. H&M revealed plans to invest 7.2 billion rupees (85 million euros; 70.2 million pounds) into the new stores.

India seems ready to open its retail market to foreign investors in a bid to promote a new spurt of economic growth. As the third largest economy in Asia, H&M is expecting to see a growth in the country population, which will lead to a increased demand for clothing. Last month, UK department store Marks & Spencer opened its biggest Indian store in Mumbai, along with the country's first Beauty and Lingerie department.

H&M previously reported an increase in company profit, which was mainly due to strong growth in Asia, as well as in its European markets. The Swedish retailer giant recently announced that a contract had been signed and approved for its first store in the Philippines.