INSCO Completes Acquisition of Hindustan National Glass & Industries Under IBC Process

Main Pointers
1. INSCO completes acquisition of Hindustan National Glass & Industries (HNGIL) under the IBC framework, with an Rs 2,250 crore resolution plan approved by the NCLT.
2. A 45-day transition phase concludes; a new board nominated by INSCO and the Madhvani Group assumes control to steer the turnaround.
3. The deal is backed by Cerberus Capital Management and the IFC, positioning HNGIL for modernization, expanded product lines, and growth in domestic and export markets.

Independent Sugar Corporation Ltd. (INSCO), a Uganda-based Madhvani Group firm, has completed the acquisition of Hindustan National Glass & Industries Limited (HNGIL) via the Insolvency and Bankruptcy Code (IBC) process. The move ends a high-profile Corporate Insolvency Resolution Process (CIRP) that began in October 2021 and ushers in a new chapter for India’s container glass maker.

Deal framework and transition
The Rs 2,250 crore resolution plan received approval from the National Company Law Tribunal (NCLT) on August 14, 2025. It also secured clearances from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI). Following NCLT approval, a 45-day Monitoring (Transition) Phase oversaw the handover, after which the monitoring committee stepped down and a new board, nominated by INSCO and the Madhvani Group, assumed charge.

Leadership and funding
The acquisition is led by industrialists Kamlesh Madhvani and Shrai Madhvani, with financial support from Cerberus Capital Management and the International Finance Corporation (IFC). INSCO says the deal aligns with its experience in the global container glass sector and aims to restore HNGIL’s competitive edge.

Turnaround plan and future focus
Shrai Madhvani, chair of HNGIL’s newly constituted board, emphasized a people-centric turnaround. He said that employees and workers are the foundation of any revival and that management will engage with staff across locations to incorporate their ideas into the turnaround blueprint. The company’s revival blueprint includes modernising furnaces and equipment, investing in operations, and expanding product lines to strengthen both domestic and export markets.

Outlook
With new leadership in place, INSCO intends to leverage its industry know-how to drive efficiency gains, quality upgrades, and strategic growth for HNGIL. The partnership also signals a broader push to position India’s container glass segment as a competitive, globally connected producer, in line with market goals and the ‘Viksit Bharat’ vision mentioned by the management.