The Uganda-based Madhvani Group’s firm, Independent Sugar Corporation Limited (INSCO), has assumed full control of the debt-ridden Hindustan National Glass & Industries Limited’s (HNGIL) through the Insolvency and Bankruptcy Code process on Friday.
The acquisition was led by industrialists, Kamlesh Madhvani and Shrai Madhvani, with financial support from Cerberus Capital Management and the International Finance Corporation (IFC), INSCO said in a statement.
The ₹2,250 crore resolution plan had been approved by the National Company Law Tribunal (NCLT) on August 14, 2025, and has received approvals from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI), it added.
This transaction concludes one of India’s…