September 26, 2025 – Kolkata, India
INSCO Brings Global Experience to Rebuild India’s Leading Container Glass Company
Independent Sugar Corporation Limited (INSCO) is pleased to announce the acquisition of Hindustan National Glass & Industries Limited (HNGIL), This marks the beginning of a new journey for India’s leading container glass company as INSCO takes responsibility for its revival and long-term success This landmark transaction was concluded through the Insolvency and Bankruptcy Code (IBC) process, under the supervision of the Hon’ble National Company Law Tribunal (NCLT). This transaction is supported by Cerberus Capital Management and International Finance corporation (IFC).
HNGIL was admitted into the Corporate Insolvency Resolution Process (CIRP) in October 2021, and after nearly four years of challenges and uncertainty, the resolution process has now reached a historic conclusion. Despite facing multiple legal hurdles and intense litigation that escalated to the Supreme Court of India, INSCO remained steadfast in its commitment to acquire HNGIL to ensure its revival. The Hon’ble NCLT, Kolkata Bench, approved INSCO’s Resolution Plan on August 14, 2025, paving the way for a new chapter in HNGIL’s storied history.
The Committee of Creditors (CoC) of HNGIL approved INSCO’s Resolution Plan with an overwhelming majority vote of 96.16%, thereby declaring INSCO as the Successful Resolution Applicant. The plan represents one of the most significant resolutions in India’s container glass sector and reflects the collective confidence of the financial creditors in INSCO’s vision and capabilities. The key highlights of INSCO’s Resolution Plan include an upfront cash payment of INR 1,901.55 crores to financial creditors, operational creditors, and workmen, along with a deferred payment of INR 356.28 crores, payable over a three-year period from the trigger date, with a Net Present Value of INR 264 crores. Additionally, the plan includes the allocation of 5% equity to assenting financial creditors.
The NCLT order dated August 14, 2025, while approving the plan, specifically noted: “The Plan value is 72% of the Average Fair Value and 114% of the Average Liquidation Value. It is also noted that through this proposed financial proposal, 60% of the admitted claim is being recovered by the Creditors.”
The acquisition is backed by industrialists Kamlesh Madhvani and Shrai Madhvani, who bring with them a wealth of global industrial experience and a proven track record in successfully turning around large-scale businesses. The group has successfully operated container glass facilities across some of the most challenging geographies in the world, including Lebanon, East Africa and Saudi Arabia servicing global customers. Currently, the group is undertaking a massive expansion of its flagship container glass facility “Kioo Glass” in Tanzania, Africa, which will further strengthen its position as the largest container glass company in East and Central Africa.
With this rich and deep expertise in the global container glass industry, and no prior container glass manufacturing presence in India, INSCO is fully committed to the successful turnaround of HNGIL, bringing world-class operational practices and a long-term growth vision to India’s container glass market.
Speaking on the occasion, Mr. Shrai Madhvani, representing INSCO’s leadership, said, “We firmly believe that employees and workers are the foundation of any successful turnaround. 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. In the coming days, we will engage directly with employees and workers across all locations to understand their ideas and concerns and incorporate their insights into our turnaround blueprint.”
Mr. Madhvani further emphasized that HNG’s revival journey will require the collective support of employees, workers, state and central governments, regulatory authorities, customers, suppliers and all internal and external stakeholders. He added, “Our vision is not only to restore HNGIL to its former glory but also to align our efforts with the ‘Viksit Bharat’ vision of Hon’ble Prime Minister Shri Narendra Modi ji, contributing to India’s growth ambitions as a global industrial powerhouse.”
INSCO looks forward to a new era of growth, innovation, and collaboration, ensuring that HNGIL once again becomes a symbol of excellence in the container glass industry.
We are in process of updating HNGIL’s official website, social media accounts and email domains. Revised details will be available soon on the official website.
Media Contact:
Corporate Communications Team
Independent Sugar Corporation Limited (INSCO)
Email: corp.hngil@gmail.com
