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Gandhinagar (Gujarat) [India], January 15: The revival and operationalization of Hindustan National Glass & Industries Limited’s (HNGIL) Nashik plant, expected to emerge as a major engine for manufacturing growth and job creation in Maharashtra, took centre stage on Thursday during a high-level meeting between the Madhvani Group leadership and Acharya Devvrat , Governor of Maharashtra and Gujarat.
The delegation was led by Shrai Madhvani, Chairman, HNGIL and included Nitin Gadhia, director, HNGIL; Kumar Krishnan, managing director, HNGIL; and Suraj Mehta, chief strategy officer , HNGIL.
During the meeting, the HNGIL leadership highlighted that the Nashik facility, once fully operational, will significantly strengthen Maharashtra’s manufacturing ecosystem, catalyze allied industries, and create substantial direct and indirect employment. The plant is envisaged as a cornerstone of HNGIL’s growth strategy and a strong contributor to the state’s industrial output.
The delegation also reaffirmed the Group’s long-term commitment to continued investments in Maharashtra, aligned with India’s broader manufacturing and economic development goals.
The meeting was held in the backdrop of the successful acquisition of HNGIL by Independent Sugar Corporation Limited (INSCO), a Madhvani Group company, through the Insolvency and Bankruptcy Code (IBC) process. Approved by the National Company Law Tribunal, the resolution marked one of India’s most significant IBC-led industrial revivals, restoring a legacy Indian manufacturer to a growth path.
Articulating the Group’s vision, Shrai Madhvani said, “We see immense potential in this iconic Indian brand and are committed to transforming it into a globally competitive glass manufacturer, with sustainability and innovation at its heart.” He added that employees and workers will remain central to the revival plan, noting that INSCO’s strategy is aligned with the Government of India’s ‘Viksit Bharat’ vision.
Founded in 1946, HNGIL pioneered India’s first fully automated glass manufacturing plant and today has a strong pan-India footprint with presence across seven locations, serving customers in over 23 countries. Currently, six HNGIL plants are operational, located at Bahadurgarh (Haryana),Rishra(West Bengal), Rishikesh (Uttrakhand), Neemrana (Rajasthan) , Naidupeta (AP) and Puducherry, among others, with the Nashik plant poised to add fresh momentum to the company’s manufacturing capacity.
Post-acquisition, the Madhvani Group has rolled out a comprehensive revival strategy for HNGIL focused on modernizing facilities, infusing fresh capital, enhancing operational efficiencies, embedding sustainability and expanding domestic and export markets. The acquisition underscores the century-old Madhvani Group’s renewed commitment to India’s industrial and manufacturing growth.
INSCO is part of the Madhvani Group, a diversified global conglomerate headquartered in Uganda, with interests across sugar, tea, energy, hospitality and packaging, and a growing footprint in India.
Members of the delegation described the interaction with the Governor as positive and forward-looking, reiterating their intent to work closely with state governments to accelerate industrial development, strengthen manufacturing capacity and create long-term employment opportunities in Maharashtra and Gujarat.
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