Madhvani Gr Commit Rs100 Bn india Investment In 5 Years
FinTech BizNews Service
Mumbai, September 27, 2025: Independent Sugar Corporation Limited (INSCO), a company of the Uganda-based Madhvani Group, announces the successful completion of its acquisition of Hindustan National Glass & Industries Limited (HNGIL), once India’s largest container glass manufacturer, through the Insolvency and Bankruptcy Code (IBC) process.
On Friday, 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 acquisition is led by industrialists Kamlesh Madhvani and Shrai Madhvani, with financial support from Cerberus Capital Management and the International Finance Corporation (IFC).
The Rs2,250 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). 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%, underscoring strong creditor confidence in the Group’s vision and revival strategy. Under the plan, INSCO will make an upfront cash payment of Rs1,901.55 crore to financial creditors, operational creditors, and workmen, along with a deferred payment of Rs356.28 crore over a three-year period (NPV: Rs264 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 fully committed to the successful turnaround of HNGIL, bringing world-class operational practices and a long-term growth vision to India’s container glass market.
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 further emphasized, “The revival of HNGIL will require the collective support of employees, workers, customers, suppliers, regulators, and both state and central governments. Our vision is not only to restore HNGIL to its former glory but also to align our efforts with the ‘Viksit Bharat’ vision of Hon’ble Prime Minister Shri Narendra Modi ji, 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.
In June 2025, while the resolution process was still at the acquisition stage, Mr. 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.
