After SC Verdict, INSCO to Acquire Hindustan National Glass & Industries
28 Feb 2025
2 Min Read
CW Team
Independent Sugar Corporation (INSCO), a subsidiary of the Uganda-based Madhvani Group, has received a favourable ruling from the Supreme Court of India, allowing it to acquire Hindusthan National Glass & Industries (HNG) through the Insolvency & Bankruptcy Code (IBC) process. This decision resolves a prolonged corporate dispute and enables INSCO to enter India鈥檚 container glass industry.
HNG, one of India's leading and oldest container glass manufacturers, has been undergoing insolvency proceedings since 2021. The acquisition was contested between INSCO and AGI Greenpac, with both submitting bids worth approximately Rs 22 billion. While INSCO secured approval from the Competition Commission of India (CCI) in September 2022, AGI鈥檚 bid was initially favoured by creditors despite lacking regulatory clearance at the time. The matter escalated to the Supreme Court, which has now ruled in favour of INSCO, emphasizing the importance of regulatory approvals in acquisition decisions.
With the legal hurdles cleared, INSCO is set to commence operations in India, focusing on revitalizing HNG鈥檚 manufacturing facilities, improving efficiency, and ensuring long-term sustainability. This acquisition aligns with the Madhvani Group鈥檚 global expansion strategy and supports India鈥檚 "Make in India" initiative.
The Madhvani Group, one of East Africa鈥檚 largest and most diversified conglomerates, operates across multiple sectors, including sugar production, hospitality, real estate, energy, packaging, and container glass manufacturing. Employing over 18,000 people worldwide, the group has a significant presence in Africa, the Middle East, and North America. INSCO鈥檚 expertise in glass manufacturing is backed by its association with the Turner Group, which operates one of East and Central Africa鈥檚 largest glass plants in Tanzania, producing 226,000 tons of container glass annually.
News source: The Hindu
Independent Sugar Corporation (INSCO), a subsidiary of the Uganda-based Madhvani Group, has received a favourable ruling from the Supreme Court of India, allowing it to acquire Hindusthan National Glass & Industries (HNG) through the Insolvency & Bankruptcy Code (IBC) process. This decision resolves a prolonged corporate dispute and enables INSCO to enter India鈥檚 container glass industry.
HNG, one of India's leading and oldest container glass manufacturers, has been undergoing insolvency proceedings since 2021. The acquisition was contested between INSCO and AGI Greenpac, with both submitting bids worth approximately Rs 22 billion. While INSCO secured approval from the Competition Commission of India (CCI) in September 2022, AGI鈥檚 bid was initially favoured by creditors despite lacking regulatory clearance at the time. The matter escalated to the Supreme Court, which has now ruled in favour of INSCO, emphasizing the importance of regulatory approvals in acquisition decisions.
With the legal hurdles cleared, INSCO is set to commence operations in India, focusing on revitalizing HNG鈥檚 manufacturing facilities, improving efficiency, and ensuring long-term sustainability. This acquisition aligns with the Madhvani Group鈥檚 global expansion strategy and supports India鈥檚 Make in India initiative.
The Madhvani Group, one of East Africa鈥檚 largest and most diversified conglomerates, operates across multiple sectors, including sugar production, hospitality, real estate, energy, packaging, and container glass manufacturing. Employing over 18,000 people worldwide, the group has a significant presence in Africa, the Middle East, and North America. INSCO鈥檚 expertise in glass manufacturing is backed by its association with the Turner Group, which operates one of East and Central Africa鈥檚 largest glass plants in Tanzania, producing 226,000 tons of container glass annually.
News source: The Hindu
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