Independent Sugar Corporation Limited (INSCO) announced the acquisition of Hindustan National Glass & Industries Limited (HNGIL).
This marks the beginning of a new journey for India’s leading container glass company as INSCO takes responsibility for its revival and long-term success. This landmark transaction was concluded through the Insolvency and Bankruptcy Code (IBC) process, under the supervision of the Honourable National Company Law Tribunal (NCLT). This transaction is supported by Cerberus Capital Management and International Finance corporation (IFC).
HNGIL was admitted into the Corporate Insolvency Resolution Process (CIRP) in October 2021, and after nearly four years of challenges and uncertainty, the resolution process has now reached a historic conclusion. Despite facing multiple legal hurdles and intense litigation that escalated to the Supreme Court of India, INSCO remained steadfast in its commitment to acquire HNGIL to ensure its revival. The Honourable NCLT, Kolkata Bench, approved INSCO’s Resolution Plan, paving the way for a new chapter in HNGIL’s storied history.
The acquisition is backed by industrialists Kamlesh Madhvani and Shrai Madhvani, who bring with them a wealth of global industrial experience and a proven track record in successfully turning around large-scale businesses. The group has successfully operated container glass facilities across some of the most challenging geographies in the world, including Lebanon, East Africa and Saudi Arabia servicing global customers. Currently, the group is undertaking a massive expansion of its flagship container glass facility Kioo Glass in Tanzania, Africa, which will further strengthen its position as the largest container glass company in East and Central Africa.
With this rich and deep expertise in the global container glass industry, and no prior container glass manufacturing presence in India, 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.
Speaking on the occasion, Shrai Madhvani, representing INSCO’s leadership, said that HNG’s revival journey will require the collective support of employees, workers, state and central governments, regulatory authorities, customers, suppliers and all internal and external stakeholders.