Eternal (formerly Zomato) is seeking shareholder approval to cap foreign ownership at 49.5% to maintain its status as an Indian-owned-and-controlled company (IOCC). This move aims to unlock new opportunities for its quick commerce business, Blinkit, potentially allowing it to transition to an inventory-led model and introduce underserved categories, improving margins and customer offerings.
source https://timesofindia.indiatimes.com/business/india-business/eternal-secures-board-nod-to-cap-foreign-ownership-at-49-5/articleshow/120438648.cms
source https://timesofindia.indiatimes.com/business/india-business/eternal-secures-board-nod-to-cap-foreign-ownership-at-49-5/articleshow/120438648.cms