Independent Sugar Corporation Limited (INSCO), part of the Uganda-based Madhvani Group, has officially completed its acquisition of Hindustan National Glass & Industries Limited (HNGIL), India’s once-largest container glass manufacturer, via the Insolvency and Bankruptcy Code (IBC) route.

The formal takeover was recorded during a board meeting of HNGIL’s newly constituted leadership on Friday, paving the way for INSCO to assume full control of the company. The acquisition, led by industrialists Kamlesh and Shrai Madhvani, received financial backing from Cerberus Capital Management and the International Finance Corporation (IFC).

INSCO assumed full control of HNGIL after the company’s newly-formed board formally recorded the transition in a meeting on Friday.

The Rs 2,250 crore Resolutio

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