29
Sep
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…