INSCO To Submit Revised Bid For Hindusthan Nationwide Glass; CCI Dismisses AGI Plea

New Delhi: Unbiased Sugar Company (INSCO), a part of Uganda-based conglomerate Madhvani Group, is about to current an enhanced decision plan for Hindusthan Nationwide Glass (HNG), India’s main glass bottle producer. In keeping with a report in The Financial Occasions, the bidder plans to extend its provide by ?356 crore past its earlier proposal.

This transfer follows a Supreme Court docket directive that nullified a beforehand permitted plan by AGI Greenpac. The courtroom discovered that AGI’s proposal didn’t adjust to the situations specified by the request for proposal — particularly, it lacked the required clearance from the Competitors Fee of India (CCI) on the time of voting by the Committee of Collectors (CoC). Though AGI later secured conditional CCI approval, it was after the CoC had already voted.

Girish Juneja, the decision skilled supported by EY, is anticipated to current INSCO’s revised plan to the CoC after a radical analysis. Solely INSCO’s plan will probably be put to vote, consistent with the Supreme Court docket’s ruling.

The case mirrors uncommon situations like Bhushan Energy and Metal, the place a CoC-approved decision was later overturned by the judiciary. The Supreme Court docket has instructed that the decision course of — together with CoC approval of INSCO’s revised plan — be concluded by July 2025.

Earlier, AGI Greenpac, a distinguished producer of packaging merchandise, has formally requested the Competitors Fee of India (CCI) to revoke a “inexperienced channel” approval granted to Unbiased Sugar Company (INSCO). Nonetheless, tThe Competitors Fee of India (CCI) dismissed the criticism. The Fee added that the reference made by AGI was disposed of and no additional communication on this regard could be entertained, stated studies.