Independent Sugar Corporation Limited (INSCO), a part of Uganda-based Madhvani Group, said it had completed the acquisition of Hindustan National Glass & Industries Limited (HNGIL), a container glass manufacturer, through the Insolvency and Bankruptcy Code (IBC) process.
On Friday (September 26, 2025), in a duly convened meeting of HNGIL’s newly constituted board, the company formally recorded the conclusion of this transition, clearing the way for INSCO to assume full control, the company said in a statement. The acquisition is led by industrialists Kamlesh Madhvani and Shrai Madhvani, with financial support from Cerberus Capital Management and the International Finance Corporation (IFC).
The ₹2,250 crore Resolution Plan was approved by the National Company Law Tribunal (NCLT) on August 14, 2025, and has since also received approvals from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI), the company said.
Following NCLT’s approval, the formal acquisition process began, and a 45-day Monitoring (Transition) Phase was carried out to oversee all transitional matters and ensure a smooth handover. The Monitoring Committee has stepped down, and a new Board nominated by INSCO and the Madhvani Group has taken charge, marking the start of a new chapter in HNGIL’s history.
This transaction concludes one of India’s most high-profile insolvency cases after seven years of litigations and a Corporate Insolvency Resolution Process (CIRP) that began in October 2021. The Committee of Creditors (CoC) approved INSCO’s Resolution Plan with a majority of 96.16%. Under the plan, INSCO will make an upfront cash payment of ₹1,901.55 crore to financial creditors, operational creditors, and workmen, along with a deferred payment of ₹356.28 crore over a three-year period (NPV: ₹264 crore).
Additionally, 5% equity has been allocated to assenting financial creditors.
The NCLT order dated August 14, 2025 specifically noted, “The plan value is 72% of the Average Fair Value and 114% of the Average Liquidation Value. It is also noted that through this proposed financial proposal, 60% of the admitted claim is being recovered by the Creditors.” With its expertise in the global container glass industry, INSCO is planning for a successful turnaround of HNGIL.
Shrai Madhvani, chairman of HNGIL’s newly constituted board, said, “We firmly believe that employees and workers are the foundation of any successful turnaround. HNGIL’s dedicated workforce has shown remarkable resilience during the insolvency period, and we are committed to working closely with them to shape a secure, safe and sustainable future for the company.” “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 said. “The revival of HNGIL will require the collective support of employees, workers, customers, suppliers, regulators, and both state and central governments,” he said.
“Our vision is not only to restore HNGIL to its former glory but also to align our efforts to contributing to India’s growth ambitions as a global industrial powerhouse.”
With the transition completed and new leadership in place, INSCO is set to implement its revival blueprint, which includes modernization of furnaces and equipment, fresh investments into operations, expansion of product lines, and strengthening the company’s competitive edge in both domestic and export markets, the company said.
