Independent Sugar Corporation (INSCO), of the Uganda-based Madhvani Group said it has received a favourable order from the Supreme Court of India, clearing its path to acquire Hindusthan National Glass & Industries (HNG) through the Insolvency & Bankruptcy Code (IBC) process.
The Supreme Court ruling has resolved a long-standing corporate dispute, allowing INSCO to establish presence in India’s container glass industry.
Confirming the development Mayur Madhvani, Joint Managing Director, Madhvani Group of Companies said, “With the Supreme Court’s ruling now settled, we are now set to begin operations in India, focusing on revamping HNG’s manufacturing plants, enhancing efficiency, and ensuring long-term sustainability.”
“The…
