Kolkata: Independent Sugar Corporation Limited (INSCO) has formally announced the acquisition of Hindustan National Glass & Industries Limited (HNGIL), marking a new chapter for one of India’s oldest and most prominent container glass manufacturers. The deal, completed under the Insolvency and Bankruptcy Code (IBC) and approved by the National Company Law Tribunal (NCLT), is supported by global investors Cerberus Capital Management and the International Finance Corporation (IFC).
HNGIL entered the Corporate Insolvency Resolution Process (CIRP) in October 2021, after years of financial distress. Following nearly four years of litigation, including proceedings that reached the Supreme Court of India, INSCO emerged as the successful resolution applicant. On August 14, 2025, the NCLT Kolkata Bench approved INSCO’s resolution plan, enabling the long-delayed revival of the company.
The plan was backed by an overwhelming 96.16% vote from HNGIL’s Committee of Creditors (CoC). It includes an upfront cash payout of ₹1,901.55 crore to financial creditors, operational creditors, and workmen, along with a deferred payment of ₹356.28 crore over three years (net present value: ₹264 crore). Additionally, 5% equity will be allocated to assenting financial creditors.
In its order, the NCLT observed that the plan value stood at 72% of the average fair value and 114% of the average liquidation value, noting that creditors would recover 60% of admitted claims through this resolution.
The acquisition is led by industrialists Kamlesh Madhvani and Shrai Madhvani, who bring decades of experience in operating container glass businesses across Lebanon, East Africa, and Saudi Arabia. Their flagship operation, Kioo Glass in Tanzania, is undergoing a major expansion, reinforcing their status as the largest container glass producer in East and Central Africa.
With no prior container glass operations in India, INSCO has pledged to introduce global best practices and a long-term vision to HNGIL. “We firmly believe that employees and workers are the foundation of any successful turnaround,” said Shrai Madhvani. “HNGIL’s dedicated workforce has shown remarkable resilience during the insolvency period, and we are committed to working closely with them to shape a secure, safe and sustainable future for the company.”
Madhvani stressed that the revival would require collective support from employees, governments, regulators, suppliers, and customers. He added that INSCO’s vision was not only to restore HNGIL’s market position but also to contribute to the national growth agenda under the ‘Viksit Bharat’ vision.
The company has also announced that HNGIL’s official website, social media platforms, and email domains are being updated, with revised details to be shared shortly.
With this acquisition, INSCO is aiming to rebuild Hindustan National Glass into a symbol of excellence for India’s container glass industry.
