Madhvani Group Revives Iconic HNGIL with Bold Vision
Independent Sugar Corporation Ltd of Madhvani Group has successfully taken over Hindustan National Glass & Industries Ltd. Under Madhvani's leadership, the company is set for a turnaround with $1,000 crore planned for upgrades and expansion. Employees welcome the change, expecting innovation-driven growth in India's glass sector.
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In a major development in India's glass manufacturing sector, Uganda-based Madhvani Group's Independent Sugar Corporation Ltd (INSCO) has officially acquired Hindustan National Glass & Industries Ltd (HNGIL), marking a strategic revival for the iconic brand.
Shrai Madhvani, the newly appointed chairman, visited HNGIL's facilities to present his vision for transformation, underlining a commitment to sustainability and innovation. With six operational plants and plans to rejuvenate others, HNGIL aims to compete globally.
The acquisition, worth Rs 2,250 crore via the Insolvency and Bankruptcy Code, includes a significant upgrade and modernization drive. Employees express optimism, trusting Madhvani's proven expertise in turnarounds within the glass sector, aligned with the Indian government's 'Viksit Bharat' vision.
(With inputs from agencies.)
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