Madhvani Group’s INSCO Assumes Full Control of HNGIL Following Successful IBC Resolution

Hindustan National Glass & Industries Limited (HNGIL), India’s former largest container glass manufacturer, has been formally acquired by Independent Sugar Corporation Limited (INSCO), a division of the Madhvani Group, based in Uganda, under the Insolvency and Bankruptcy Code (IBC) process.

INSCO was able to acquire complete control of HNGIL after the official takeover was documented at a board meeting of the newly formed leadership on 26 September. The International Finance Corporation (IFC) and Cerberus Capital Management provided financial support for the transaction, which was spearheaded by businessmen Kamlesh and Shrai Madhvani.

After the newly established board of HNGIL publicly documented the transition in a meeting on September 26, INSCO took complete control of the company.

INSCO Received Approval from NCLT

In addition to regulatory permissions from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI), the INR 2,250 crore Resolution Plan had already received approval from the National Company Law Tribunal (NCLT) on August 14, 2025.

A 45-day monitoring (transition) phase after NCLT approval made sure that everything went smoothly before the new board took over, which marked the beginning of HNGIL’s rebirth. After seven years of litigation since the start of the Corporate Insolvency Resolution Process (CIRP) in October 2021, this historic deal brings an end to one of India’s most well-known insolvency cases. With a 96.16% majority vote, the Committee of Creditors (CoC) decisively accepted INSCO’s Resolution Plan, demonstrating the group’s robust turnaround approach.

What is INSCO’s Resolution Plan?

In accordance with the arrangement, INSCO will pay INR 1,901.55 crore in cash up front to workers, operational creditors, and financial creditors. Additionally, a deferred payment of INR 356.28 crore over three years would be made. Consenting financial creditors have also been given 5% of the stock. The NCLT emphasised that 60% of acknowledged claims will be recouped by creditors, and that the plan represented 72% of HNGIL’s Average Fair Value and 114% of its Average Liquidation Value.

The chairman of HNGIL’s new board, Shrai Madhvani, underlined the role that the company’s employees play in its rebirth. According to him, the brand is adamant that workers are the cornerstone of any successful turnaround. The committed employees of HNGIL have demonstrated incredible fortitude throughout the insolvency phase, and the organisation is dedicated to collaborating closely with them to create a safe, secure, and sustainable future for the business.

He went on to say that the cooperation of workers, clients, suppliers, regulators, and the federal and state governments will be necessary for HNGIL to be revived. “Our vision is not only to restore HNGIL to its former glory but also to align our efforts with the ‘Viksit Bharat’ vision of Prime Minister Narendra Modi, contributing to India’s growth ambitions as a global industrial powerhouse,” he stated.