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INSCO submits Rs 2,752 cr revised resolution plan for HNGIL take over
The Northlines
|13 JUNE 2025
Independent Sugar Corporation (INSCO) has submitted a comprehensive revised resolution plan worth Rs 2,752 crore for the takeover of debt-ridden glass bottle manufacturer Hindusthan National Glass & Industries Limited (HNGIL), in line with the Supreme Court verdict.
The Committee of Creditors (CoC) is likely to consider the revised proposal, and voting is likely to commence on Thursday, sources said.
INSCO, a company promoted by the Madhvani Group, having operations in many countries, has submitted a revised resolution plan on June 8, making Rs 2,752 crore offer comprising Rs 2,200 crore in upfront cash and equity valued at around Rs 550 crore.
The revised offer comes following the Supreme Court's directive to match the offer previously made by AGI Greenpac.
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