In a significant development signalling renewed Indo-African business ties, Madhvani Group, which is close to acquiring Hindustan National Glass Industries, plans to invest ₹10,000 crore in India.
Shrai Madhvani, Promoter of the globally diversified Madhvani Group, along with his wife Aparna Madhvani and Group Director Nitin Gadhia, met Prime Minister Narendra Modi and appraised him of the Group plans in India.
During the meeting, Madhvani briefed Modi on the Group’s strategic entry into India through the acquisition of Hindustan National Glass and Industries, India’s largest container glass manufacturer, under insolvency proceedings since October 2021.
The acquisition is being undertaken through a Madhvani Group company INSCO.
The delegation also apprised the Prime Minister about the recent Supreme Court judgment, which cleared the legal path for INSCO to take over HNGIL, marking a major milestone for the Group’s entry into India.
He further informed that the Group is exploring investments of ₹10,000 crore over the next five years, which is expected to generate substantial employment and contribute to industrial growth.
Modi warmly welcomed the Madhvani Group’s investment plans and assured full support for their ventures in India. He expressed delight over the Group’s decision to return to its roots and contribute to India’s ongoing development journey.
With strong roots in Gujarat, Madhvani also expressed heartfelt condolences to Modi on the tragic plane crash in Ahmedabad last week.