8 months ago
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Independent Sugar Corporation Limited (INSCO), a portion of Uganda-based Madhvani Group, said it had completed the acquisition of Hindustan National Glass & Industries Limited (HNGIL), a instrumentality solid manufacturer, done the Insolvency and Bankruptcy Code (IBC) process.
On Friday (September 26, 2025), successful a duly convened gathering of HNGIL’s recently constituted board, the institution formally recorded the decision of this transition, clearing the mode for INSCO to presume afloat control, the institution said successful a statement.
The acquisition is led by industrialists Kamlesh Madhvani and Shrai Madhvani, with fiscal enactment 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) connected August 14, 2025, and has since besides received approvals from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI), the institution said.
Following NCLT’s approval, the ceremonial acquisition process began, and a 45-day Monitoring (Transition) Phase was carried retired to oversee each transitional matters and guarantee a creaseless handover.
The Monitoring Committee has stepped down, and a caller Board nominated by INSCO and the Madhvani Group has taken charge, marking the commencement of a caller section successful HNGIL’s history.
This transaction concludes 1 of India’s astir high-profile insolvency cases aft 7 years of litigations and a Corporate Insolvency Resolution Process (CIRP) that began successful October 2021.
The Committee of Creditors (CoC) approved INSCO’s Resolution Plan with a bulk of 96.16%. Under the plan, INSCO volition marque an upfront currency outgo of ₹1,901.55 crore to fiscal creditors, operational creditors, and workmen, on with a deferred outgo of ₹356.28 crore implicit a three-year play (NPV: ₹264 crore).
Additionally, 5% equity has been allocated to assenting fiscal creditors.
The NCLT bid dated August 14, 2025 specifically noted, “The program worth is 72% of the Average Fair Value and 114% of the Average Liquidation Value. It is besides noted that done this projected fiscal proposal, 60% of the admitted assertion is being recovered by the Creditors.”
With its expertise successful the planetary instrumentality solid industry, INSCO is readying for a palmy turnaround of HNGIL.
Shrai Madhvani, president of HNGIL’s recently constituted board, said, “We firmly judge that employees and workers are the instauration of immoderate palmy turnaround. HNGIL’s dedicated workforce has shown singular resilience during the insolvency period, and we are committed to moving intimately with them to signifier a secure, harmless and sustainable aboriginal for the company.”
“In the coming days, we volition prosecute straight with employees and workers crossed each locations to recognize their ideas and concerns and incorporated their insights into our turnaround blueprint,” helium said.
“The revival of HNGIL volition necessitate the corporate enactment of employees, workers, customers, suppliers, regulators, and some authorities and cardinal governments,” helium said.
“Our imaginativeness is not lone to reconstruct HNGIL to its erstwhile glory but besides to align our efforts to contributing to India’s maturation ambitions arsenic a planetary concern powerhouse.”
With the modulation completed and caller enactment successful place, INSCO is acceptable to instrumentality its revival blueprint, which includes modernization of furnaces and equipment, caller investments into operations, enlargement of merchandise lines, and strengthening the company’s competitory borderline successful some home and export markets, the institution said.
