INSCO Triumphs in Glass Manufacturer Revamp

The National Company Law Tribunal approved INSCO's resolution plan for acquiring Hindustan National Glass & Industries Ltd. This marks a strategic entry for the Madhvani Group into Indian manufacturing, following the dismissal of AGI Greenpac's objections by the Competition Commission of India and the Supreme Court's directives.

Devdiscourse News Desk | New Delhi | Updated: 14-08-2025 22:15 IST | Created: 14-08-2025 22:15 IST

INSCO Triumphs in Glass Manufacturer Revamp — This image is AI-generated and does not depict any real-life event or location. It is a fictional representation created for illustrative purposes only.

Country:
India

The National Company Law Tribunal has sanctioned the acquisition of Hindustan National Glass & Industries Ltd by Uganda's Independent Sugar Corporation Ltd (INSCO). This marks a significant step in revitalizing the debt-stricken glass bottle manufacturer.

INSCO's Rs 2,250 crore resolution plan, divided into Rs 1,900 crore upfront cash and Rs 350 crore equity, received an overwhelming 96.16 percent approval from the Committee of Creditors. The plan includes immediate cash payment, working capital injection, and a substantial investment in capital expenditure.

The acquisition was previously contested by AGI Greenpac, whose bid was nullified due to lack of Competition Commission of India (CCI) approval. This decision paves the way for INSCO to begin transformative operations, strengthening its foothold in India's manufacturing sector.

(With inputs from agencies.)