By Kamlesh Madhvani
Copyright indiatimes
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Independent Sugar Corporation Limited (INSCO), part of the Uganda-based Madhvani Group, on Saturday announced that it has completed the acquisition of Hindustan National Glass & Industries Limited (HNGIL) through the Insolvency and Bankruptcy Code (IBC).The transition was formally recorded at a meeting of HNGIL’s newly constituted board on Friday, following which INSCO assumed full control. The acquisition was led by Kamlesh Madhvani and Shrai Madhvani, with financial support from Cerberus Capital Management and the International Finance Corporation (IFC).The Rs 2,250 crore resolution plan was approved by the National Company Law Tribunal (NCLT) on August 14, 2025, and later received clearances from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI). A 45-day monitoring phase was completed before the Monitoring Committee stepped down and a new board nominated by INSCO took charge.The process concludes one of India’s high-profile insolvency cases, which began with the Corporate Insolvency Resolution Process (CIRP) in October 2021 and involved seven years of litigation. The Committee of Creditors (CoC) cleared INSCO’s plan with a 96.16% majority.Under the plan, INSCO will pay Rs 1,901.55 crore upfront to financial creditors, operational creditors, and workmen, in addition to Rs 356.28 crore over three years. A 5% equity stake has also been allocated to assenting financial creditors.Live EventsThe NCLT order 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.”Shrai Madhvani, chairman of HNGIL’s new 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.”He further added, “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 complete, INSCO has announced plans to modernise furnaces and equipment, invest in operations, expand product lines, and strengthen competitiveness in domestic and export markets.Add as a Reliable and Trusted News Source Add Now!
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Read More News onMadhvani GroupINSCOHindustan National GlassInsolvency and Bankruptcy CodeResolution PlanIndependent Sugar Corporation LimitedHindustan National Glass & Industries LimitedNational Company Law TribunalReserve Bank of Indiainsolvency
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onMadhvani GroupINSCOHindustan National GlassInsolvency and Bankruptcy CodeResolution PlanIndependent Sugar Corporation LimitedHindustan National Glass & Industries LimitedNational Company Law TribunalReserve Bank of Indiainsolvency(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
