After SC Verdict, INSCO to Acquire Hindustan National Glass & Industries

28 Feb 2025 CW Team

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’s 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’s manufacturing facilities, improving efficiency, and ensuring long-term sustainability. This acquisition aligns with the Madhvani Group’s global expansion strategy and supports India’s "Make in India" initiative.

The Madhvani Group, one of East Africa’s 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’s expertise in glass manufacturing is backed by its association with the Turner Group, which operates one of East and Central Africa’s 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’s 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’s 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’s manufacturing facilities, improving efficiency, and ensuring long-term sustainability. This acquisition aligns with the Madhvani Group’s global expansion strategy and supports India’s Make in India initiative. The Madhvani Group, one of East Africa’s 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’s expertise in glass manufacturing is backed by its association with the Turner Group, which operates one of East and Central Africa’s largest glass plants in Tanzania, producing 226,000 tons of container glass annually. News source: The Hindu

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Real Estate

09 Mar 2026

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Real Estate

09 Mar 2026

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..