Swiggy closer to India-owned entity status after nod for foreign stake cap

Swiggy has received shareholder approval to cap its aggregate foreign ownership at 49.5%, a move aimed at helping it qualify as an Indian-Owned and Controlled Company (IOCC). A similar proposal was rejected in May. This time, over 99.99% of votes were cast in favour. As of July 6, the aggregate foreign ownership in the company stood at approximately 49.76%.