The Madhvani Group is set to acquire Hindustan National Glass and Industries (HNGIL) and invest Rs 10,000 crore in India over the next five years. This follows a Supreme Court ruling clearing legal hurdles for the acquisition under insolvency proceedings.

HNGIL, India’s largest container glass manufacturer, has been under insolvency since October 2021. The acquisition will be undertaken by INSCO, a Madhvani Group company. Group Promoter Shrai Madhvani, his wife Aparna Madhvani, and Group Director Nitin Gadhia met Prime Minister Narendra Modi to discuss the Group’s plans and reaffirm their long-term commitment to India. During the meeting, Shrai Madhvani highlighted the investment’s potential to spur industrial growth and create substantial employment opportunities.

PM Modi welcomed the investment and assured full government support for the Group’s ventures. The Madhvani Group’s re-entry into India marks a key development in the industrial landscape, symbolizing renewed global investor confidence. Madhvani Group is one of the largest conglomerates in Uganda with investment spanning several sectors across Africa, the Middle East and North America.