Kolkata: Independent Sugar Corporation Limited (INSCO), part of the Uganda-based Madhvani Group, has completed its acquisition of Hindustan National Glass & Industries Limited (HNGIL) through the Insolvency and Bankruptcy Code (IBC) process.
The ₹2,250 crore resolution plan was approved by the National Company Law Tribunal (NCLT) on August 14, 2025, and subsequently cleared by the Reserve Bank of India and the Competition Commission of India, according to the company. Following a 45-day monitoring phase, INSCO has assumed full control of HNGIL, once India’s largest container glass manufacturer.
The acquisition, backed by financing from Cerberus Capital Management and the International Finance Corporation (IFC), was led by industrialists Kamlesh and Shrai Madhvani. A new board nominated by INSCO and the Madhvani Group has now taken charge, marking the conclusion of one of India’s most high-profile insolvency cases. The Corporate Insolvency Resolution Process (CIRP) began in October 2021 and involved seven years of litigation.
Under the approved plan, INSCO will make an upfront payment of ₹1,901.55 crore to financial and operational creditors as well as workers, along with a deferred payment of ₹356.28 crore over three years. Additionally, 5% equity has been allocated to consenting financial creditors. The NCLT order noted that the plan represents 72% of the average fair value and 114% of the average liquidation value, with creditors recovering about 60% of admitted claims.
Shrai Madhvani, chairman of the newly constituted board of HNGIL, said the company would focus on workforce engagement and operational revival. He stated that the turnaround plan includes modernization of furnaces and equipment, expansion of product lines, and investments to strengthen competitiveness in both domestic and export markets.
The Madhvani Group has also committed to investing ₹10,000 crore in India over the next five years.