MADHVANI GROUP
HNGIL revival kicks off with Kolkata as Madhvani Group's INSCO takes charge
Uganda's Madhvani Group, through INSCO, has successfully acquired Hindustan National Glass & Industries Ltd (HNGIL) for Rs 2,250 crore. New chairman Shrai Madhvani visited Kolkata facilities, outlining a revival plan with Rs 1,000 crore capex for modernization and diversification. Employees express optimism about the group's global turnaround expertise.
INSCO completes acquisition of HNGIL under IBC process
Independent Sugar Corporation completed its acquisition of Hindustan National Glass & Industries. This concludes a seven-year insolvency case. The Rs 2,250 crore resolution plan received all regulatory approvals. A new board now leads HNGIL. INSCO plans to modernize operations, expand product lines, and strengthen market presence. This aims to restore HNGIL's market position and contribute to national growth.
Madhvani Group’s INSCO completes acquisition of Hindustan National Glass under IBC
Independent Sugar Corporation Limited completed its acquisition of Hindustan National Glass & Industries Limited. This happened under the Insolvency and Bankruptcy Code. The National Company Law Tribunal approved the 2,250 crore rupee resolution plan. INSCO assumed full control of the company. A new board now leads HNGIL. The Madhvani Group plans significant investments in India.
Cerberus Capital, IFC to fund Madhvani group's Hindusthan National Glass buyout
Hindusthan National Glass and Industries Limited (HNG) was admitted for insolvency proceedings in October 2021 at the behest of DBS Bank, a financial creditor. Protracted litigation has delayed its insolvency resolution process by years. Typically, companies undergoing insolvency need to find a resolution within 330 days.
NCLT orders ex-promoters of HNG to repay defrauded Rs 42 cr amount to debtors
The NCLT has ordered Hindusthan National Glass & Industries' former promoters to return ₹42.46 crore, which they allegedly misappropriated, within two months. Failing this, recovery will be made from their properties. The tribunal has also directed the Resolution Professional to initiate criminal proceedings against Sanjay and Mukul Somany under the IBC.
Auditor flags Rs 63 crore as potentially fraudulent transactions in HNG
BDO India detected fraudulent transactions worth Rs 63.34 crore under HNG's former management, involving entities like Rafbrix International and Durvish Vyapaar. The NCLT approved INSCO's Rs 2,250 crore resolution plan to revive the debt-ridden glass manufacturer. INSCO will invest upfront cash and modernize equipment, gaining complete control after a monitoring phase.
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Madhvani Group begins takeover of Hindustan National Glass after NCLT clears ₹2,250 crore plan
The Madhvani Group, through INSCO, is set to acquire Hindustan National Glass & Industries Limited after NCLT approval of its ₹2,250 crore resolution plan. A 45-day monitoring phase is underway for a smooth handover, followed by new investments and operational improvements.
NCLT approves INSCO's Rs 2,250 crore resolution plan for Hindustan National Glass
The National Company Law Tribunal approved Independent Sugar Corporation Ltd's Rs 2,250 crore resolution plan for Hindustan National Glass & Industries Ltd, paving the way for INSCO to take control. This decision follows a Supreme Court directive for INSCO to match AGI Greenpac's earlier bid, which was rejected due to lack of CCI approval.
Madhvani Group plans Rs 10,000 cr investment over next 5 years
Madhvani Group, a Ugandan conglomerate, plans to invest Rs 10,000 crore in India over the next five years, encouraged by the government's pro-business policies. Promoter Shrai Madhvani informed Prime Minister Narendra Modi about the Group's initiatives, including a bid for Hindustan National Glass & Industries Ltd.
INSCO submits Rs 2,752 crore revised resolution plan for HNGIL take over
Independent Sugar Corporation (INSCO) has presented a revised Rs 2,752 crore resolution plan to acquire Hindusthan National Glass & Industries Limited, aligning with a Supreme Court order. The plan includes Rs 2,200 crore upfront cash and Rs 550 crore in equity.
INSCO to submit improved resolution plan for Hindusthan National Glass
Independent Sugar Corp (INSCO), the approved bidder, will present an enhanced resolution plan of ₹356 crore for Hindusthan National Glass to lenders. This follows a Supreme Court directive to match AGI Greenpac's offer after rejecting the latter's plan due to delayed CCI approval. The resolution professional will now seek CoC approval for the revised INSCO plan by July 2025.
Farallon may bankroll Madhvani arm's offer for Hindusthan Glass
Farallon Capital Management is evaluating a ₹1,400 crore financing package to support INSCO's ₹1,851 crore bid for Hindusthan National Glass and Industries. INSCO secured a Supreme Court ruling in its favor, allowing it to acquire the distressed company following AGI Greenpac's challenged bid.
Lenders issue LoI to INSCO after SC order in Hindusthan National Glass case
State Bank of India has approved INSCO's takeover of Hindusthan National Glass after AGI Greenpac failed to get CCI approval. INSCO has until February 13 to pay 10% of its Rs 1851 crore offer, which is less than AGI's Rs 2213 crore bid.
INSCO urges CoC to fast track bid for HNG after Supreme Court nullifies AGI Greenpac's resolution plan
INSCO has urged the Committee of Creditors to expedite their bid for Hindustan National Glass following the Supreme Court's nullification of AGI Greenpac's resolution plan. The court ruled AGI Greenpac's failure to obtain prior CCI approval invalidated their bid. INSCO reaffirms its commitment to a swift resolution process, adhering to the Supreme Court's decision.
SBI fails to draw buyers for Hindusthan National Glass' Rs 1,703-cr bad debt
The bank had set a Rs 821 crore reserve price on the HNGIL debt, implying a 48% recovery on the total outstanding amount. Nearly half a dozen asset reconstruction companies (ARCs), including Edelweiss ARC and Phoenix ARC, submitted expressions of interest, as reported by ET on February 4. But none of them submitted a bid at the auction held on Thursday, said people with knowledge of the matter.
CCI gives clean chit to INSCO in Hindustan National Glass case
CCI has now given a clean chit to INSCO on February 13 through an order dated February 6, 2024, dismissing the allegations leveled by AGI Greenpac against it.
Kotak-backed Phoenix ARC, Edelweiss keen to acquire SBI loan to HNG
Kotak Mahindra Bank-backed Phoenix ARC and Edelweiss Asset Reconstruction Company are interested in acquiring State Bank of India's loan to Hindusthan National Glass (HNG). Prudent ARC, UV ARC, and Omkara ARC have also submitted expressions of interest. HNG, the largest glass bottle maker, was admitted for insolvency on a petition by DBS Bank. HNG has received resolution plans from AGI Greenpac and Madhvani Group.
SBI taps ARCs for sale of Hindusthan National Glass loan
Lenders had voted for a plan given by AGI Greenpac in October 2022, but due to a series of litigations, the plan is yet to be approved by the bankruptcy court. The country's largest glass bottle maker was admitted for corporate insolvency in October 2021 on a petition by DBS Bank.
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After strong Q2 show, AGI Greenpac to acquire HNG; stock rallies 6%
The company, in a separate exchange filing, announced its resolution to acquire Hindusthan National Glass & Industries. The Insolvency and Bankruptcy Code (IBC) has been issued a letter of intent by the committee of creditors (CoC).
Hindusthan National Glass lenders vote in favour AGI Greenpac resolution plan
Nearly 98% of lenders by value voted in favour of the plan presented by AGI Greenpac, earlier known as HSIL Ltd, while 88% of lenders voted for South Africa-based Madhvani Group's plan, which was also in the fray offering cash and equity to lenders, one of the persons said.
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AGI Greenpac tops with Rs 2000 cr offer for Hindusthan Glass
Madhvani Group had emerged as the highest bidder in the first and the second round offering ₹1,800 crore and ₹1,850 crore, respectively, the person cited above said. Madhvani group also offered 5% equity to lenders and ₹50 crore to trade creditors. Nirma Chemicals quit the bidding process after participating in the second round, he said.
Inter-se bids to help pick winner for glass company HNG
Nirma Chemicals, makers of detergent soap and cosmetics, South Africa-based Madhvani Group and AGI Greenpac, which owns Hindware sanitary, are the companies in the fray to acquire the Kolkata-based listed company.
Nirma makes ₹1,650-crore offer for Hindusthan National Glass
Africa-based bottle maker Madhvani Group and AGI Greenpac, known as makers of Hindware products, also submitted separate resolution plans for the Kolkata-based bottle maker undergoing insolvency proceedings.
Sony to invest more in Indian movie projects
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Immigration hotspot: Uganda becoming popular with Indian professionals and companies
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Vibrant Gujarat 2011: Foreign delegates pledge 35k-cr biz for Gujarat
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Indian companies get into commercial farming in Africa
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