The Madhvani Group's Independent Sugar Corporation (INSCO) has finalized its acquisition of the struggling Hindustan National Glass & Industries (HNGIL) through the Insolvency and Bankruptcy Code process, marking a significant milestone in India's corporate insolvency landscape.

Led by Kamlesh and Shrai Madhvani, with backing from Cerberus Capital Management and the International Finance Corporation, INSCO aims to rejuvenate HNGIL by implementing best practices and a long-term growth strategy. The Rs 2,250 crore deal, cleared by the National Company Law Tribunal, the Reserve Bank of India, and the Competition Commission of India, concludes a seven-year legal battle.

Shrai Madhvani, chairing the new board, emphasized the importance of engaging with employees to glean insights for the comp

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