Millennium Post
Business

Swedish clothing giant H&M’s plan receives FIPB nod

The FIPB on Wednesday  approved investment proposals of Swedish clothing giant Hennes & Mauritz AB and Swiss building materials major Holcim, but was unable to take up Vodafone's Rs 10,141 crore proposal to acquire its Indian arm for want of comments from ministries.

The decks were cleared for Hennes & Mauritz to invest Rs 720 crore to set up single-brand retail stores in India. The company will market Hennes & Mauritz AB products through its wholly owned subsidiary H&M Retail India Ltd, according to its proposal submitted to the Foreign Investment Promotion Board.

The board cleared Holcim's proposal to merge holding firm Holcim India with unit Ambuja Cements as part of a plan to restructure its India operations.
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