HNGIL Acquired: Madhvani's ₹10,000 Cr India Push

The Madhvani Group is set to acquire Hindustan National Glass and Industries Ltd. (HNGIL), India’s largest container glass manufacturer, and plans to invest ₹10,000 crore in India over the next five years. This follows a Supreme Court ruling that cleared legal obstacles under ongoing insolvency proceedings. The acquisition will be carried out through INSCO, a Madhvani Group company.

HNGIL has been under insolvency since October 2021. Group Promoter Shrai Madhvani, along with Aparna Madhvani and Group Director Nitin Gadhia, recently met with Prime Minister Narendra Modi to outline the Group’s investment plans and long-term commitment to India. Shrai Madhvani emphasized the potential for job creation and industrial growth.

Prime Minister Modi welcomed the Group’s re-entry into India and assured full government support. The investment marks a significant step in the revival of HNGIL and reflects growing international investor confidence. Headquartered in Uganda, the Madhvani Group is a diversified conglomerate with operations across Africa, the Middle East, and North America.

News by Rahul Yelligetti.