Independent Sugar Corporation Limited (INSCO), a part of Uganda-based Madhvani Group, said it had completed the acquisition of Hindustan National Glass & Industries Limited (HNGIL), a container glass manufacturer, through the Insolvency and Bankruptcy Code (IBC) process.
On Friday (September 26, 2025), in a duly convened meeting of HNGIL’s newly constituted board, the company formally recorded the conclusion of this transition, clearing the way for INSCO to assume full control, the company said in a statement.
The acquisition is led by industrialists Kamlesh Madhvani and Shrai Madhvani, with financial support from Cerberus Capital Management and the International Finance Corporation (IFC).
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