Madhvani Group starts formal acquisition of glass bottle maker HNGIL after NCLT nod

At the conclusion of the 45-day monitoring phase, control of HNGIL will pass to the Madhvani Group

The Madhvani Group has begun the formal acquisition process of Hindustan National Glass & Industries Limited (HNGIL), a major glass bottle manufacturer, following the approval of a Rs 2,250 crore resolution plan by the National Company Law Tribunal (NCLT).

As per the order, a 45-day monitoring or transition phase has commenced from the date of approval. During this period, a Monitoring Committee will oversee all transitional matters and address concerns and communications relating to HNGIL.

On August 14, 2025, the NCLT approved the resolution plan submitted by Independent Sugar Corporation Ltd. (INSCO), a Madhvani Group company. Earlier, on June 13, 2025, the Committee of Creditors (CoC) had cleared the plan with a 96.16 percent majority.

At the conclusion of the 45-day monitoring phase, control of HNGIL will pass to the Madhvani Group. A new board nominated by the group will replace the monitoring committee and begin implementing the resolution plan, which includes financial infusion, operational restructuring and modernization initiatives.

According to the NCLT order, the plan involves a total investment of Rs 2,250 crore, comprising Rs 1,900 crore in upfront cash, Rs 350 crore deferred over 3 years to CoC and 5 percent equity to creditors. The upfront payment must be made within 30 days of approval, while additional working capital infusion and equity issuance to CoC members will be completed within 90 days. INSCO has also committed Rs 1,000 crore in capital expenditure over the coming years to rebuild furnaces and upgrade equipment.

With this development, the long-running insolvency resolution process for HNGIL enters the implementation stage. The NCLT has declared INSCO as the Successful Resolution Applicant under Section 31 of the Insolvency and Bankruptcy Code, making the plan binding on all stakeholders. The moratorium under Section 14 has been lifted, and the Resolution Professional has been directed to hand over control to INSCO.