INSCO's Bid to Revive Glass Giant: A Supreme Court-Driven Takeover
Independent Sugar Corporation (INSCO) has submitted a Rs 2,752 crore resolution plan for the acquisition of Hindusthan National Glass & Industries Limited, following Supreme Court directives. The proposal includes immediate cash payments and equity infusions but faces skepticism from creditors over transparency and compliance.
- Country:
- India
Independent Sugar Corporation (INSCO) has put forward an ambitious Rs 2,752 crore offer to take over Hindusthan National Glass & Industries Limited (HNGIL) as per the Supreme Court's ruling.
The revamped plan, which involves a substantial upfront cash component and equity issuance, awaits consideration by the Committee of Creditors (CoC), set to vote soon. Despite its promise, some creditors express doubts about the proposal's transparency and adherence to court mandates.
This development follows the Supreme Court's rejection of AGI Greenpac's bid due to the absence of Competition Commission of India approval, positioning INSCO as the front-runner to secure the debt-ridden glass manufacturer.
(With inputs from agencies.)
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