Swedish retailer Hennes & Mauritz (H&M) has received final approval from India's Foreign Investment Promotion Board to invest INR7.2 billion (USD115 million) in the country. 

According to a report by Reuters, H&M said in April that it plans to open 50 stores in India. The Swedish multinational is hoping that a growing population and rising incomes in Asia's third-largest economy would fuel demand for its fast-changing fashions. 

H&M is the second biggest fashion retailer in the world, the report said. According to its website, the retail-clothing company currently operates in 43 countries. It generated a revenue of SEK126.97 billion in 2010 and a net income of SEK18.68 billion during the same year, based on its annual report. 

The Indian government in a statement said that the approval will allow the company to set up a wholly-owned subsidiary in the country. 

India permitted foreign single-brand retailers to own 100% of their Indian operations in January 2012. Swedish budget furniture chain IKEA was one of the first to receive an approval for its investment plans in May this year, Reuters said.