After Swedish furniture chain IKEA made a near $2 billion India foray, Swedish single-brand clothing major Hennes & Mauritz (H&M) got the nod from the foreign investment promotion board (FIPB) to invest Rs. 720 crore for opening 50 stores in the country.
The FIPB, which met under the chairmanship of economic affairs secretary Arvind Mayaram, also approved Swiss cement major Holcim's proposal to merge its holding company Holcim India with Ambuja Cements as part of plans to restructure its Indian business.
Holcim's two-step consolidation plans in India involve foreign investment of Rs.14,500 crore. While FIPB has given its nod, the proposal has to go to the cabinet committee on economic affairs (CCEA) for final approval, as it involves investment over Rs.1,200 crore. Holcim has majority stake in two leading Indian cement manufacturers, ACC and Ambuja Cements. In all, Foreign Investment Promotion Board on Wednesday cleared 14 proposals, involving total foreign investments over Rs 14,000 crore.
However, the board did not take up British telecom major Vodafone's Rs 10,141 crore investment proposal to buy out 26 per cent minority stake in its Indian arm.
H&M is the world's second largest garment retailer with over 2,800 stores globally.
Hurt by slowing sales in Europe and the US, the retailer has been eyeing India ever since the government allowed 100 per cent foreign direct investment in single brand retail. The apparel firm is believed to be in advanced stages of negotiation to book a 25,000 sq ft space at a top mall in New Delhi.
Swedish giant IKEA is already in the process of setting up its first furniture store in Hyderabad.
The FIPB, which met under the chairmanship of economic affairs secretary Arvind Mayaram, also approved Swiss cement major Holcim's proposal to merge its holding company Holcim India with Ambuja Cements as part of plans to restructure its Indian business.
Holcim's two-step consolidation plans in India involve foreign investment of Rs.14,500 crore. While FIPB has given its nod, the proposal has to go to the cabinet committee on economic affairs (CCEA) for final approval, as it involves investment over Rs.1,200 crore. Holcim has majority stake in two leading Indian cement manufacturers, ACC and Ambuja Cements. In all, Foreign Investment Promotion Board on Wednesday cleared 14 proposals, involving total foreign investments over Rs 14,000 crore.
However, the board did not take up British telecom major Vodafone's Rs 10,141 crore investment proposal to buy out 26 per cent minority stake in its Indian arm.
H&M is the world's second largest garment retailer with over 2,800 stores globally.
Hurt by slowing sales in Europe and the US, the retailer has been eyeing India ever since the government allowed 100 per cent foreign direct investment in single brand retail. The apparel firm is believed to be in advanced stages of negotiation to book a 25,000 sq ft space at a top mall in New Delhi.
Swedish giant IKEA is already in the process of setting up its first furniture store in Hyderabad.
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