Swiggy seeks IOCC recognition by amending board rules in India
Swiggy is shaking up its board rules to try and become officially recognized as an Indian-owned and controlled company (IOCC) under Indian law.
The goal? Boost Indian shareholding above 50% and make sure the board stays strong and steady, all while keeping things in line with new regulations.
These changes still need approval from regulators and shareholders, but Swiggy says it's all about having more local control.
Swiggy board tweaks insufficient for IOCC
Right now, Swiggy doesn't have a major Indian promoter group or much board-level dominance, so these updates are pretty important.
Still, just tweaking the board isn't enough—they'll need to take more steps before getting IOCC status.
Swiggy says it's committed to following all the rules so that majority ownership and control stay in India.