The Uganda-based Madhvani Group’s firm, Independent Sugar Corporation Limited (INSCO), has assumed full control of the debt-ridden Hindustan National Glass & Industries Limited's (HNGIL) through the Insolvency and Bankruptcy Code process on Friday.
The acquisition was led by industrialists, Kamlesh Madhvani and Shrai Madhvani, with financial support from Cerberus Capital Management and the International Finance Corporation (IFC), INSCO said in a statement.
The ₹2,250 crore resolution plan had been approved by the National Company Law Tribunal (NCLT) on August 14, 2025, and has received approvals from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI), it added.
This transaction concludes one of India's most high-profile insolvency cases after seven years of litigation and a Corporate Insolvency Resolution Process (CIRP) that began in October 2021, the company said.
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Shrai Madhvani, chairman of HNG's newly constituted board, said, “We firmly believe that employees and workers are the foundation of any successful turnaround. In the coming days, we will engage directly with employees and workers across all locations to understand their ideas and concerns and incorporate their insights into our turnaround blueprint.”
He further said, “Our vision is not only to restore HNGIL to its former glory, but also to align our efforts with the ‘Viksit Bharat’ vision of Prime Minister Narendra Modi, contributing to India’s growth ambitions as a global industrial powerhouse.”
After the NCLT's approval in August, a formal acquisition process was initiated and a 45-day ‘Monitoring (Transition) Phase’ was carried out to oversee all transitional matters and ensure a smooth handover, the company statement informed.
The next stage included the monitoring committee to step down, and a new board to be constituted by INSCO and the Madhvani Group, which has now taken charge, thereby marking the start of a new chapter in HNGIL's history, according to the statement.
With its expertise in the global container glass industry, the company said INSCO is fully committed to the successful turnaround of HNGIL, “bringing world-class operational practices and a long-term growth vision to India's container glass market”.
With the transition complete, INSCO said it is set to implement its revival blueprint that includes modernisation of furnaces and equipment, fresh investments in operations, expansion of product lines, and strengthening the company's competitive edge in domestic and export markets.
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