India’s Foreign Investment Promotion Board has approved the proposal of Swedish retailer H&M to open stores in India.

H&M will invest 7.2 billion rupees (US$113 million) to open 50 stores across India.

The company is the second Swedish retailer after Ikea to get approval from the Indian government to invest in single-brand retail.

H&M’s first store is likely to open before the year ends or in early 2014.

Meanwhile, a decision on an application by British telecommunications company Vodafone to take full ownership of its joint venture in India was deferred after some stakeholder ministries did not send their final comments.