Maharashtra CM Fadnavis meets Madhvani Group, talks investment plans for next 5 years

Maharashtra chief minister Devendra Fadnavis

Maharashtra chief minister Devendra Fadnavis on February 10 held a meeting with Uganda-based manufacturing conglomerate Madhvani-Turner group on the group’s investment plans in the state over the next five years, a statement said. The discussion comes on the backdrop of the group’s acquisition of India’s largest container glass maker Hindusthan National Glass & Industries (HNGIL), the statement added.

The discussions focused on the group’s global manufacturing footprint, its acquisition of HNGIL, and its collaboration with the Maharashtra government under the ‘Make in India’ and ‘Make in Maharashtra’ initiatives, the statement said. Key themes included industry requirements, ease of doing business in the state, and plans to scale operations while contributing to Maharashtra’s industrial growth.

The operationalisation of HNGIL’s Nashik plant was also reviewed. The facility is expected to play a pivotal role in boosting manufacturing output and generating employment in the state.

The Madhvani delegation was led by chairman Shrai Madhvani and included Mihir Madhvani, managing director Kumar Krishnan, and Suraj Mehta, chief strategy officer at HNGIL.

“The chief minister welcomed the group’s investment roadmap and assured full state support. We reaffirmed our commitment to partner with the government to fast-track industrial development, strengthen manufacturing capabilities and create sustainable employment in Maharashtra,” Shrai Madhvani said.

The meeting comes after Independent Sugar Corporation Limited (INSCO), a Madhvani Group company, acquired HNGIL last year through the Insolvency and Bankruptcy Code (IBC) process. Cleared by the National Company Law Tribunal, the transaction is regarded as one of the most significant industrial revivals under the IBC framework.