Swiggy's Strategic Move to Become an Indian Owned and Controlled Company

Swiggy has announced proposed changes to its board nomination framework as part of a larger strategy to qualify as an Indian Owned and Controlled Company (IOCC), according to foreign exchange regulations in India.

The food delivery giant, which also operates Instamart, made this clarification in response to questions from institutional investors regarding the rationale behind these amendments.

Swiggy aims to increase domestic control and shareholding, although further shareholder approvals and corporate actions are required before achieving IOCC status.

(With inputs from agencies.)