Mumbai: Following the approval of the ₹2,250 crore resolution plan by the National Company Law Tribunal (NCLT), the formal acquisition process of Hindustan National Glass & Industries Limited (HNGIL), listed on both NSE and BSE, has begun. The Monitoring (or Transition) Phase will run for 45 days from the date of NCLT approval. During this period, all transitional matters will be overseen to ensure a smooth handover. All concerns, communications, or queries relating to HNGIL are to be addressed to the Monitoring Committee.
On August 14, 2025, the NCLT approved the resolution plan submitted by Independent Sugar Corporation Ltd. (INSCO), a Madhvani Group company, for the revival of HNGIL. Earlier, on June 13, 2025, the Committee of Creditors (CoC) had approved the plan with an overwhelming 96.16% majority.
At the end of this 45 day monitoring phase, full control of HNGIL will pass to the Madhvani Group. The Monitoring Committee will step down, and a new board nominated by the Group will take charge. The Madhvani Group will then begin implementing its approved resolution plan, which includes fresh investments, operational improvements, and measures to put the company back on a growth path.
According to the NCLT order, the plan involves a total investment of Rs 2,250 crore, comprising Rs 1,900 crore in upfront cash, Rs 350 crore deferred over 3 years to CoC and 5 % equity to creditors. The upfront cash will be paid within 30 days of NCLT approval, with additional working capital infusion and equity issuance to CoC members to be completed within 90 days.
Furthermore, INSCO has committed ₹1,000 crore in capital expenditure over the coming years to rebuild furnaces and modernize equipment.
An INSCO spokesperson said, “INSCO, in collaboration with the Monitoring Committee, remains fully committed to ensuring a seamless transition and is actively engaging with all stakeholders. The company is confident that this process will pave the way for the successful revival and long-term sustainability of HNGIL, as INSCO takes over control of the Corporate Debtor upon completion of the 45-day monitoring period.”
With this NCLT order, the long-standing insolvency resolution of India’s largest glass bottle manufacturer enters the implementation stage. The NCLT has declared INSCO the Successful Resolution Applicant under Section 31 of the Insolvency and Bankruptcy Code, making the plan binding on all stakeholders. The moratorium under Section 14 has been lifted with immediate effect, and the Resolution Professional has been directed to hand over control to INSCO.
In June 2025, while the resolution process was still at the acquisition stage, Madhvani Group promoter Shrai Madhvani met Prime Minister Narendra Modi to apprise him of the Group’s investment plans and the ongoing resolution of HNGIL. During the meeting, the promoters also outlined the Group’s strategic commitment to invest ₹10,000 crore in India over the next five years, aimed at boosting industrial growth and employment generation. Prime Minister Modi welcomed the plans, assured full government support, and expressed satisfaction at the Group’s decision to re-establish its roots in India, underscoring the significance of this investment in strengthening Indo-African business ties.