India, Sept. 24 -- Foodtech major Swiggy will hive off its quick commerce arm Instamart into a separate, step-down subsidiary.

In a filing with the exchanges, Swiggy said that its board approved a proposal to transfer all of Instamart's assets, liabilities, employees, permits, contracts and intellectual property to Swiggy Instamart Private Limited - the foodtech giant's indirect step-down, wholly owned subsidiary.

The company also said that the sale and transfer of the quick commerce business will be undertaken via a slump sale.

For context, slump sale is a business restructuring method, under which assets are sold together for a lump sum amount without determining the individual values of assets sold.

The company said that the cash c...