INSCO Completes Strategic Acquisition of HNGIL, Eyes Industrial Revival
Independent Sugar Corporation, part of the Madhvani Group, has acquired Hindustan National Glass & Industries through the Insolvency and Bankruptcy Code. The acquisition, overseen by Kamlesh and Shrai Madhvani, secured NCLT's approval. INSCO aims to rejuvenate HNGIL, bringing advanced practices and aligning with India's industrial growth vision.
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Uganda-based Madhvani Group's Independent Sugar Corporation (INSCO) announced its acquisition of debt-stricken Hindustan National Glass & Industries (HNGIL) via the Insolvency and Bankruptcy Code process, finalizing a significant transition in the Indian glass industry.
The acquisition was officially acknowledged during a Hindustan National Glass & Industries Limited (HNGIL) board meeting. This move allows INSCO, led by industrialists Kamlesh and Shrai Madhvani, with backing from Cerberus Capital Management and the International Finance Corporation (IFC), to take control.
The Rs 2,250 crore resolution plan approved by the National Company Law Tribunal (NCLT), along with the Reserve Bank of India (RBI) and Competition Commission of India (CCI) endorsements, marks a fresh start for HNGIL, promising modernization, expansion, and alignment with Prime Minister Modi's industrial growth vision.
(With inputs from agencies.)
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