Madhvani Group Set to Revive Hindustan National Glass
INSCO, under the Madhvani Group, is taking over debt-laden Hindustan National Glass & Industries Ltd with a Rs 2,250 crore resolution plan approved by NCLT. The transition phase will last 45 days, after which Madhvani Group will implement its revival strategy. The plan includes capital investment and modernisation measures.
- Country:
- India
INSCO, a subsidiary of the Madhvani Group, announced its intention to acquire Hindustan National Glass & Industries Ltd (HNG), a move sanctioned by the National Company Law Tribunal (NCLT) under a Rs 2,250 crore resolution strategy.
The Monitoring Phase, active for 45 days post-NCLT approval, will act as the transition period wherein all matters related to HNG will be managed to ensure seamless handover under a Monitoring Committee's guidance.
This revitalisation plan, approved overwhelmingly by the Committee of Creditors, will usher in fresh investments, operational upgrades, and measures for long-term sustenance, including capital expenditure on modernising the enterprise's infrastructure.
(With inputs from agencies.)
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