HNGIL revival kicks off in Kolkata as INSCO assumes leadership
Kolkata: The revival of Hindustan National Glass & Industries Limited (HNGIL) entered a new phase this week as Independent Sugar Corporation Limited (INSCO) of the Uganda-based Madhvani Group formally took charge following its acquisition.
A media statement said the INSCO leaders, including newly-appointed chairman Shrai Madhvani, visited HNGIL’s Kolkata headquarters and the Rishra manufacturing plant to review operations and outline turnaround priorities.
The resolution plan for the Rs 2,250 crore acquisition—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 and the Competition Commission of India. The plan commanded the support of 96.16 per cent of the Committee of Creditors (CoC) and provides an upfront cash payment of Rs 1,901.55 crore to financial creditors, operational creditors and workmen, plus Rs 356.28 crore in deferred payments over three years (NPV: Rs 264 crore). 5 per cent equity has been allotted to assenting financial creditors.
The NCLT order noted the resolution plan represented 72 per cent of the Average Fair Value and 114 per cent of the Average Liquidation Value, enabling creditors to recover 60 per cent of admitted claims under the approved scheme. With the Monitoring Committee stepping down, the new Board constituted by INSCO has taken charge to begin implementing the revival roadmap. Madhvani emphasised strengthening customer and supplier relationships, improving operational efficiency and maintaining uncompromised product quality, urging management to contribute ideas to the blueprint. “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,” he said, adding that the revival aligns with the Government of India’s “Viksit Bharat” vision.
INSCO’s immediate plans include furnace and equipment upgrades, technology and automation investments, product-line diversification and expansion of domestic and export presence. Established in 1946, HNGIL operates plants at Rishra, Bahadurgarh, Rishikesh, Neemrana, Sinnar, Naidupeta and Puducherry and serves customers in more than 23 countries. Employees at Rishra welcomed the new management: “Workers have warmly welcomed the new management with full faith and confidence,” said Supriyo Ghosh, Head – Human Resources, HNG (Rishra Plant).
