Kolkata, October 9, 2025:Following the successful takeover of Hindustan National Glass & Industries Limited (HNGIL) by Independent Sugar Corporation Limited (INSCO) of the Uganda-based Madhvani Group, the company’s new leadership team began its on-ground engagement in India starting this week with visits to HNGIL’s Kolkata headquartersand its Rishra manufacturing plant, marking the first steps in the company’s post-acquisition revival.
The newly appointed Chairman, Shrai Madhvani, along with directors of the newly constituted board, met with senior company executives to review current operations and outline priorities for the company’s turnaround and sustainable growth.
Madhvani emphasized the importance of strengthening customer and supplier relationships, enhancing operational efficiency while ensuring uncompromised product quality. He invited management to share their insights and ideas, reiterating that quality, customer satisfaction, and long-term partnerships would remain at the core of HNGIL’s business strategy.
“We see immense potential in this iconic Indian brand and are committed to transforming it into a globally competitive glass manufacturer with sustainability and innovation at its heart,” Madhvani said.
The visit follows the formal completion of INSCO’s ₹2,250 crore acquisition of HNGIL, once India’s largest container glass manufacturer, through the Insolvency and Bankruptcy Code (IBC) process. The resolution plan—led by industrialists Kamlesh and Shrai Madhvani—was approved by the National Company Law Tribunal (NCLT) on August 14, 2025, after receiving clearances from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI).
INSCO’s plan, backed by 96.16% of the Committee of Creditors (CoC), involves an upfront cash payment of ₹1,901.55 crore to financial creditors, operational creditors, and workmen, with an additional ₹356.28 crore in deferred payments over three years (NPV: ₹264 crore). Furthermore, 5% equity has been allocated to assenting financial creditors. The NCLT order observed that the plan represented 72% of the Average Fair Value and 114% of the Average Liquidation Value, enabling creditors to recover 60% of admitted claims.
With the Monitoring Committee stepping down and the new Board constituted by INSCO taking charge, HNGIL is now entering a phase of modernization, operational upgrades, and market expansion. The Madhvani Group plans to upgrade furnaces and equipment, invest in technology and automation, diversify product lines, and strengthen HNGIL’s domestic and export presence.
Established in 1946, Hindustan National Glass pioneered India’s first fully automated glass manufacturing plant at Rishra (near Kolkata). Today, the company has a pan-India footprint, with plants located at Rishra, Bahadurgarh, Rishikesh, Neemrana, Sinnar, Naidupeta, and Puducherry, offering comprehensive packaging solutions to improve customers’ productivity and line performance. HNGIL serves a broad client base in more than 23 countries, reaffirming its leadership in India’s container glass sector.
Employees at HNG’s Rishra headquarters welcomed the new leadership with optimism, signalling confidence in the company’s turnaround under the Madhvani Group.
“Workers have warmly welcomed the new management with full faith and confidence, given the Group’s proven track record of turnaround in the container glass sector in various parts of the world,” said Supriyo Ghosh, Head – Human Resources, HNG (Rishra Plant).
Madhvani further emphasized that employees and workers would be central to HNGIL’s revival, acknowledging their resilience through the insolvency period. “Our revival blueprint aligns with the Government of India’s ‘Viksit Bharat’ vision,” he said, adding that INSCO would bring world-class operational discipline, financial prudence, and a long-term growth mindset to the company.
With the transition complete and new leadership in place, HNGIL is set to implement its revival strategy, including modernization of furnaces and equipment, fresh investments into operations, expansion of product lines, and strengthening the company’s competitive edge in both domestic and export markets.
