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Madhvani Group's INSCO completes acquisition of Hindustan National Glass under IBC
M & A Critique
|October 2025
Independent Sugar Corporation Limited (INSCO), part of the Uganda-based Madhvani Group, announced that it has completed the acquisition of Hindustan National Glass & Industries Limited (HNGIL) through the Insolvency and Bankruptcy Code (IBC).
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The transition was formally recorded at a meeting of HNGIL's newly constituted board, following which INSCO assumed full control. The acquisition was led by Kamlesh Madhvani and Shrai Madhvani, with financial support from Cerberus Capital Management and the International Finance Corporation (IFC).
The Rs 2,250 crore resolution plan was approved by the National Company Law Tribunal (NCLT) on August 14, 2023, and later received clearances from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI). A 45-day monitoring phase was completed before the Monitoring Committee stepped down and a new board nominated by INSCO took charge.
Dit verhaal komt uit de October 2025-editie van M & A Critique.
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