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

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.