Independent Sugar Corporation Limited (INSCO), a proud member of Uganda’s renowned Madhvani Group, has officially announced the successful acquisition of Hindustan National Glass & Industries Limited (HNGIL). This significant deal for the container glass manufacturer was finalized through India’s rigorous Insolvency and Bankruptcy Code (IBC) process.
In a recent statement, INSCO confirmed that HNGIL’s newly formed board, at its meeting on Friday, September 26, 2025, formally acknowledged the completion of this transition. This pivotal step means INSCO now has complete operational control, setting the stage for a new era for the company.
This strategic acquisition was spearheaded by prominent industrialists Kamlesh Madhvani and Shrai Madhvani. They received substantial financial backing from Cerberus Capital Management and the International Finance Corporation (IFC), underscoring the broad confidence in HNGIL’s future prospects.
The comprehensive Resolution Plan, valued at ₹2,250 crore, initially secured approval from the National Company Law Tribunal (NCLT) on August 14, 2025. Subsequently, it also received necessary clearances from both the Reserve Bank of India (RBI) and the Competition Commission of India (CCI), solidifying the path forward for the acquisition.
With the NCLT’s green light, the formal acquisition journey commenced. A meticulously planned 45-day Monitoring (Transition) Phase was diligently executed to supervise all handover aspects, guaranteeing a seamless integration and change of guard.
The Monitoring Committee has now officially concluded its role, making way for a new Board of Directors. This board, nominated jointly by INSCO and the Madhvani Group, has assumed control, signaling a fresh start and a promising new chapter in HNGIL’s extensive history.
This landmark transaction brings to a close one of India’s most complex and closely watched insolvency cases. It marks the culmination of seven years of intricate litigations and a Corporate Insolvency Resolution Process (CIRP) that originally began in October 2021, finally offering a definitive resolution.
INSCO’s robust Resolution Plan received overwhelming support, approved by the Committee of Creditors (CoC) with an impressive 96.16% majority. This plan includes an immediate cash payment of ₹1,901.55 crore to financial creditors, operational creditors, and workmen. Additionally, a deferred payment of ₹356.28 crore is slated over a three-year period, with a Net Present Value (NPV) of ₹264 crore.
Furthermore, 5% equity stakes have been strategically allocated to the financial creditors who assented to the plan, ensuring their continued involvement in the company’s revived journey.
The NCLT’s order on August 14, 2025, highlighted the strong financial viability of the plan, stating: "The plan value represents 72% of the Average Fair Value and an impressive 114% of the Average Liquidation Value." The tribunal further acknowledged that "through this proposed financial proposal, 60% of the admitted claims are being recovered by the Creditors," signifying a strong outcome for all parties involved.
Leveraging its extensive expertise within the global container glass industry, INSCO is poised to orchestrate a comprehensive and successful turnaround for HNGIL, bringing renewed vitality and operational excellence.
Shrai Madhvani, the newly appointed chairman of HNGIL’s board, emphasized a people-first approach: "We firmly believe that our employees and workers are the bedrock of any successful turnaround. HNGIL’s dedicated workforce has demonstrated extraordinary resilience throughout the challenging insolvency period, and we are deeply committed to collaborating with them to forge a secure, safe, and sustainable future for our company."
He further added, "In the coming days, we will directly engage with employees and workers across all our locations. Our goal is to genuinely understand their invaluable ideas and concerns, ensuring their insights are fully integrated into our detailed turnaround strategy."
Madhvani also stressed the importance of widespread collaboration for HNGIL’s revival: "The successful resurgence of HNGIL will undoubtedly necessitate the collective support and cooperation of every stakeholder—our dedicated employees, workers, valued customers, trusted suppliers, vigilant regulators, and both state and central governments."
He concluded, "Our ambitious vision extends beyond merely restoring HNGIL to its previous eminence. We are dedicated to aligning our efforts with India’s broader growth ambitions, aiming to significantly contribute to the nation’s emergence as a global industrial powerhouse."
With the transition now complete and new leadership firmly established, INSCO is fully prepared to execute its comprehensive revival blueprint. This plan encompasses crucial initiatives such as modernizing furnaces and equipment, injecting fresh investments into operations, strategically expanding product lines, and rigorously enhancing the company’s competitive standing in both India’s domestic and global export markets.