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LIC IPO gets Sebi approval; may see delayed launch over Ukraine crisis

India’s markets regulator has approved the public listing of Life Insurance Corporation of India (LIC), sources told 'Business Standard' on Wednesday as the war in Ukraine casts a shadow over the state-owned firm’s IPO timing. The government is looking to sell a 5 per cent stake, or 316 million shares, in the insurer through the IPO. Investment banking sources said Sebi issued the so-called final observations on Tuesday evening.

LIC's IPO is one of the fastest to get Sebi approval; the insurer had filed its DRHP on February 12. Once a DRHP obtains final approval, the company can launch its share sale. However, LIC may not launch its IPO immediately given the volatile market conditions. Investment bankers said they would want to waittill the marketsentiment improves

Global food delivery firm Deliveroo launches engineering centre in India

Deliveroo, a global food delivery company operating across Europe, the Middle East, Asia, and Australia, said it has launched its India Engineering Centre in Hyderabad. Deliveroo’s multi-year plan is to expand its world-class engineering capabilities with a new team that will be focused on delivering superior experiences for Deliveroo customers, restaurant and grocery partners and delivery riders. It would also be building highly scalable, reliable and innovative next-generation products for its worldwide operations.

The Engineering Centre in Hyderabad will be a core part of Deliveroo’s central technology organisation. The company has already started recruiting and plans to employ over 150 engineers in India from the fields of analytics, platforms, automation and machine learning by the end of 2022. The Engineering Centre will be Deliveroo’s largest technology hub outside the United Kingdom, where the company is headquartered.

Raymond appoints Sunil Kataria as CEO of Lifestyle Business

Leading textile and apparels firm Raymond on Wednesday said it has appointed Sunil Kataria as the CEO of its lifestyle business. The Mumbaibased company said it has strengthened its leadership team by on-boarding the seasoned professional reckoned for leading large-scale business transformations and creating strong consumer brands in India and Southeast Asia.

In his new role, Kataria will be responsible for steering the next phase of growth by driving the digital agenda and strengthening the brand's presence in domestic and internationalmarkets.

Swiggy expects 2 mn Instamart cloth bags returned per month by end of year

Food delivery giant Swiggy said that it has made its Instamart bags returnable across 19 cities in the country. Since its launch in August, 2020, Swiggy Instamart, Swiggy’s quick commerce grocery service has grown to lead the market by doing millions of orders each month.

To deliver groceries to consumers, Swiggy launched free-of-cost, reusable cloth bags that are sturdy, maintain product privacy and have fun designs and creatives. As more and more users have moved to Instamart for their everyday essentials delivered in minutes, the number of bags being used is also growing. While consumers are still reusing these cloth bags for other purposes, Swiggy is now giving them a simple way to return the excess bags.

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