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

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