Revitalizing HNGIL: A New Chapter Begins Under Ugandan Leadership

Independent Sugar Corporation, part of the Madhvani Group from Uganda, has acquired Hindustan National Glass & Industries, marking the end of a prominent insolvency case. Led by Kamlesh and Shrai Madhvani, the takeover aims to revamp HNGIL by incorporating employee insights and aligning with national growth objectives.

The Madhvani Group's Independent Sugar Corporation (INSCO) has finalized its acquisition of the struggling Hindustan National Glass & Industries (HNGIL) through the Insolvency and Bankruptcy Code process, marking a significant milestone in India's corporate insolvency landscape.

Led by Kamlesh and Shrai Madhvani, with backing from Cerberus Capital Management and the International Finance Corporation, INSCO aims to rejuvenate HNGIL by implementing best practices and a long-term growth strategy. The Rs 2,250 crore deal, cleared by the National Company Law Tribunal, the Reserve Bank of India, and the Competition Commission of India, concludes a seven-year legal battle.

Shrai Madhvani, chairing the new board, emphasized the importance of engaging with employees to glean insights for the company's resurgence. The revitalization plan includes modernizing infrastructure, expanding product lines, and aligning with Prime Minister Narendra Modi's 'Viksit Bharat' vision, reinforcing India's industrial growth trajectory.

(With inputs from agencies.)