By Mohit Bhalla
Copyright indiatimes
Hindusthan National Glass
Cerberus Capital and World Bank arm, International Finance Corporation (IFC), have provided Madhvani group a Rs. 1600 crore loan for its planned takeover of Hindusthan National Glass and Industries Limited (HNG), according to people aware of the matter.The planned takeover involves a resolution plan of Rs. 2,250 crore that was submitted to the national company law tribunal by the Uganda-based conglomerate that operates multiple businesses in Africa. However, it is securing funding to cover for potential operating expenditures as well. Cerberus Capital is said to be contributing about three quarters of the loan amount.The Madhvani group is acquiring HNG through its company Independent Sugar Corporation Limited. Out of the total investment amount, the Madhvani’s will bring in equity of Rs. 875 crore. IFC may also make a small equity contribution. The remainder will be funded through the loan.Queries to IFC and Cerberus Capital had not elicited a response.Live Events”We will not comment on financial investors. However, regarding the revival process, we would reiterate that employees and workers are the foundation of any successful turnaround. HNGIL’s workforce has shown remarkable resilience during the insolvency process, and we are committed to working with them closely to chart a sustainable growth roadmap. Their insights will be central to our revival blueprint,” said a spokesperson for Independent Sugar Corporation.Hindusthan National Glass and Industries Limited (HNG) was admitted for insolvency proceedings in October 2021 at the behest of DBS Bank, a financial creditor. Protracted litigation has delayed its insolvency resolution process by years. Typically, companies undergoing insolvency need to find a resolution within 330 days.Madhvani group company Independent Sugar Corporation Limited’s resolution plan for HNG was approved on 14 August.The group helmed by Shrai Madhvani has announced its intent to invest Rs. 10,000 crore in India.Add as a Reliable and Trusted News Source Add Now!
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