Madhvani Group begins takeover of Hindustan National Glass after NCLT clears ₹2,250 crore plan

The Madhvani Group has begun the formal process of acquiring Hindustan National Glass & Industries Limited (HNGIL) after receiving approval from the National Company Law Tribunal (NCLT) for its ₹2,250 crore resolution plan, the company said in a statement.

The transition, described as the Monitoring Phase, will run for 45 days from the date of the NCLT approval. During this period, all transitional matters will be managed to ensure a smooth handover. Any concerns, communications or queries relating to HNGIL are to be addressed to the Monitoring Committee.

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


At the end of the 45-day monitoring period, full control of HNGIL will be transferred to the Madhvani Group. The Monitoring Committee will stand down, and a new board nominated by the Group will take charge. The Madhvani Group will then begin putting into effect its resolution plan, which includes new investments, operational improvements, and steps to place the company on a growth path.

According to the NCLT order, the resolution plan involves a total investment of ₹2,250 crore. This consists of ₹1,900 crore in upfront cash, ₹350 crore to be paid over three years to the CoC, and 5% equity to creditors. The upfront cash must be paid within 30 days of NCLT approval, while the additional working capital infusion and the equity issuance to CoC members are to be completed within 90 days.

INSCO has also pledged ₹1,000 crore in capital expenditure over the coming years to rebuild furnaces and modernise equipment.

“INSCO, in collaboration with the Monitoring Committee, remains fully committed to ensuring a seamless transition and is actively engaging with all stakeholders. The company is confident that this process will pave the way for the successful revival and long-term sustainability of HNGIL, as INSCO takes over control of the Corporate Debtor upon completion of the 45-day monitoring period,” an INSCO spokesperson said.

With this order, the long-running insolvency case of India’s largest glass bottle manufacturer has moved into its implementation phase. The NCLT has declared INSCO the Successful Resolution Applicant under Section 31 of the Insolvency and Bankruptcy Code, making the resolution plan binding on all stakeholders. The moratorium under Section 14 has been lifted with immediate effect, and the Resolution Professional has been instructed to hand over control to INSCO.

In June 2025, while the resolution process was still in progress, Madhvani Group promoter Shrai Madhvani met Prime Minister Narendra Modi to brief him on the Group’s investment plans and the ongoing resolution of HNGIL. During the meeting, the promoters also presented the Group’s strategic commitment to invest ₹10,000 crore in India over the next five years. The investment is aimed at driving industrial growth and generating employment.