Madhvani Group's INSCO Completes INR 2,250 Cr Acquisition of HNGIL The acquisition plan includes an upfront payment of INR 1,901.55 crore to creditors and workmen, along with a deferred settlement of INR 356.28 crore over three years.
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Independent Sugar Corporation Limited, part of the Uganda-based Madhvani Group, has announced the successful completion of its acquisition of Hindustan National Glass & Industries Limited, a leading container glass manufacturer in India, for INR 2,250 crore.
The acquisition was executed through the Insolvency and Bankruptcy Code process, following approval from the National Company Law Tribunal on August 14, 2025.
The acquisition was led by industrialists Kamlesh Madhvani and Shrai Madhvani, with financial backing from Cerberus Capital Management and the International Finance Corporation.
Following the NCLT approval, the company completed a 45-day monitoring phase to manage the transition and ensure a smooth handover of operations. With this phase concluded, the Monitoring Committee has stepped down, and a new board nominated by INSCO and the Madhvani Group has assumed control.
The Committee of Creditors endorsed INSCO's resolution plan with a 96.16 percent majority, reflecting strong confidence in the group's revival strategy. The plan involves an upfront cash payment of INR 1,901.55 crore to financial and operational creditors and workmen, along with a deferred payment of INR 356.28 crore over three years.
Additionally, five percent equity has been allocated to assenting financial creditors. The NCLT noted that the plan represents 72 percent of the average fair value and 114 percent of the average liquidation value, with 60 percent of admitted claims being recovered by creditors.
INSCO brings significant expertise in the global container glass industry and intends to implement a turnaround plan for HNGIL. The strategy includes modernisation of furnaces and equipment, fresh operational investments, expansion of product lines, and enhancement of the company's competitiveness in both domestic and export markets.
As per the official release, in June 2025, prior to the finalisation of the acquisition, Shrai Madhvani met with Prime Minister Narendra Modi to outline the group's investment plans and strategic commitment to invest INR 10,000 crore in India over the next five years. The prime minister welcomed the plans, expressed government support, and emphasised the importance of the investment in reinforcing Indo-African business ties.
INSCO, part of the Madhvani Group, has a diverse presence across Africa, Europe, the Middle East, and South Asia, with business interests spanning sugar, tea, floriculture, energy, insurance, hospitality, and packaging.
The Madhvani Group, established in Uganda in 1914, employs over 10,000 people and has a significant presence in container glass manufacturing in challenging international markets.
