Swedish retailer Hennes & Mauritz has received final approval from India's Foreign Investment Promotion Board (FIPB) to invest 7.2 billion rupees in the country, according to a government statement on Monday.

The world's second biggest fashion retailer had said in April this year it plans to open 50 stores in India, hoping a growing population and rising incomes in Asia's third-largest economy would fuel demand for its fast-changing fashions.

The government approval will allow the company to set up a wholly-owned subsidiary in the country, the statement added.

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

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