Independent Sugar Corporation Limited (INSCO), part of Uganda-based Madhvani Group, has completed the acquisition of Hindustan National Glass & Industries Ltd (HNGIL) through the Insolvency and Bankruptcy Code (IBC) process, marking the conclusion of one of India’s most high-profile insolvency resolutions in recent years.
The transition was formally recorded at a meeting of HNGIL’s newly constituted board on Friday, after which INSCO assumed full control. The ₹2,250-crore resolution plan was led by Kamlesh Madhvani and Shrai Madhvani, with financial backing from Cerberus Capital Management and the International Finance Corporation (IFC).
Approved by the National Company Law Tribunal (NCLT) on August 14, 2025, the plan subsequently received clearances from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI). Following a 45-day monitoring phase, the Monitoring Committee has now stepped down, paving the way for the new board nominated by INSCO to take charge.
According to the NCLT order, INSCO’s resolution plan includes an upfront payment of ₹1,901.55 crore to financial and operational creditors and workmen, along with ₹356.28 crore payable over the next three years. Additionally, a 5% equity stake has been earmarked for assenting financial creditors.
The tribunal noted that the plan value represents 72% of the average fair value and 114% of the average liquidation value, with creditors recovering around 60% of admitted claims. The Committee of Creditors (CoC) had approved INSCO’s plan in June with an overwhelming 96.16% majority.
Revival Strategy
With control now transferred, INSCO has outlined a broad revival strategy that includes modernising furnaces, upgrading equipment, expanding product lines, and strengthening both domestic and export competitiveness. The company has also pledged ₹1,000 crore in capital expenditure over the coming years to rebuild operations.
“We firmly believe that employees and workers are the foundation of any successful turnaround,” said Shrai Madhvani, newly appointed chairman of HNGIL. “HNGIL’s dedicated workforce has shown remarkable resilience during the insolvency period, and we are committed to working closely with them to build a safe, secure and sustainable future.”
He added that the company’s revival would require the collective support of employees, customers, suppliers, regulators, and 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 as a global industrial powerhouse,” Madhvani said.
Landmark IBC Case
HNGIL, India’s largest glass bottle manufacturer, entered the Corporate Insolvency Resolution Process (CIRP) in October 2021, following years of financial distress and litigation. The successful handover to INSCO ends a seven-year-long process that drew significant investor interest and multiple legal challenges.
An INSCO spokesperson said the company “remains fully committed to ensuring a seamless transition and is engaging with all stakeholders to ensure long-term sustainability.” The NCLT, under Section 31 of the IBC, has declared INSCO the Successful Resolution Applicant, making the plan binding on all stakeholders and lifting the moratorium under Section 14.
Earlier this year, Madhvani Group promoter Shrai Madhvani met Prime Minister Narendra Modi to discuss the Group’s strategic investments in India. During the meeting, he outlined the Group’s intent to invest ₹10,000 crore over the next five years to drive industrial growth and employment generation.
With HNGIL now officially under INSCO’s control, the acquisition sets the stage for a comprehensive turnaround of one of India’s oldest and most respected glass manufacturing companies and signals renewed global investor confidence in India’s IBC framework.