Archive · 27 Sep 2025
INSCO Completes Acquisition of HNGIL Under Insolvency Process
A company called INSCO, supported by some investors, has taken over a glass manufacturer, HNGIL, that was in debt.
This happened through a legal process called the Insolvency and Bankruptcy Code.
The deal was approved by a tribunal and other regulatory bodies.
INSCO will now modernize HNGIL's equipment, invest in operations, expand product lines, and boost its competitiveness.
The new leadership plans to work with employees to understand their ideas and align with India's growth goals.
This acquisition concludes a long insolvency case and marks a fresh start for HNGIL.
INSCO completed the acquisition of HNGIL through the IBC process.
The acquisition was approved by the NCLT on August 14, 2025.
The resolution plan was valued at Rs 2,250 crore.
INSCO is led by Kamlesh Madhvani and Shrai Madhvani.
The acquisition aims to modernize operations and expand product lines.
- Who
- INSCO acquired HNGIL.
- What
- INSCO completed the acquisition of debt-ridden HNGIL through the IBC process.
- When
- The acquisition was completed after approval on August 14, 2025.
- Where
- The acquisition involves companies in India.
- Why
- To facilitate the turnaround of HNGIL and modernize its operations.
- Acquirer
- Independent Sugar Corporation (INSCO)
- Acquired Company
- Hindustan National Glass & Industries (HNGIL)
- Acquisition Type
- Insolvency and Bankruptcy Code (IBC) process
- Resolution Plan Value
- Rs 2,250 crore
- Approvals Received
- NCLT, RBI, CCI
- Key Players
- Kamlesh Madhvani, Shrai Madhvani, Cerberus Capital Management, IFC