Mumbai – Maharashtra Chief Minister Devendra Fadnavis on Tuesday met the leadership of the Uganda-based Madhvani-Turner Group to discuss the conglomerate’s investment plans in the state over the next five years, following its acquisition of Hindusthan National Glass & Industries Ltd (HNGIL).
The discussions focused on the group’s investment roadmap, operationalisation of HNGIL’s Nashik plant, and potential collaboration under the Centre’s ‘Make in India’ and the state’s ‘Make in Maharashtra’ initiatives.
The Nashik facility, once operational, is expected to contribute significantly to manufacturing output and employment generation in the region.
Focus on Expansion and Industrial Growth
According to officials, the meeting covered the group’s global manufacturing footprint, industry requirements, ease of doing business in Maharashtra, and plans to expand operations while contributing to the state’s industrial growth.
The Madhvani delegation was led by Chairman Shrai Madhvani and included Mihir Madhvani, MD Kumar Krishnan, and Suraj Mehta, Chief Strategy Officer at HNGIL.
“The chief minister welcomed the group’s investment plans and assured full support from the state government. We reiterated our intent to work closely with Maharashtra to accelerate industrial development, enhance manufacturing capacity, and create long-term employment opportunities,” said Shrai Madhvani.
HNGIL Revival Through IBC Route
The interaction follows the acquisition of HNGIL last year by Independent Sugar Corporation Limited (INSCO), a Madhvani Group company, through the Insolvency and Bankruptcy Code (IBC) process. The resolution, approved by the National Company Law Tribunal, is among the significant industrial revival cases under the IBC framework.
“We see immense potential in this iconic Indian brand and are committed to transforming it into a globally competitive glass manufacturer with sustainability and innovation at its core. Employees remain central to the revival strategy, aligned with the Government of India’s ‘Viksit Bharat’ vision,” said Suraj Mehta.
Founded in 1946, HNGIL established India’s first fully automated glass manufacturing plant and currently operates across seven locations, serving customers in more than 23 countries.
₹10,000 Crore Investment Plan
The Madhvani Group has announced plans to invest ₹10,000 crore in India over the next five years. In June last year, Shrai Madhvani had met Prime Minister Narendra Modi to brief him on the group’s initiatives, including the HNGIL acquisition and expansion strategy.
Post-acquisition, the group has initiated a revival plan focusing on modernisation, capital infusion, operational efficiency, sustainability, and expansion of domestic and export markets.
Founded in 1914 in Uganda by Muljibhai Madhvani, who migrated from Gujarat, the group has since evolved into a diversified international manufacturing conglomerate.
