Ahmedabad (Gujarat) [India], September 30: Days after taking charge of Hindustan National Glass & Industries Limited (HNGIL), the new board led by Chairman Shrai Madhvani, his son Mihir Madhvani, Managing Director Kumar Krishnan and Director Nitin Gadhia visited the Akshardham Temple in Gandhinagar and later sought blessings from Pujya Ishwarcharan Das Swamiji at the BAPS temple in Ahmedabad.
The Madhvani family, which has its ancestral roots in Gujarat, are staunch followers of the BAPS Swaminarayan Sanstha. Notably, newly appointed HNG director Mr Gadhia, who has been associated with the Madhvani Group for nearly five decades, also offers his seva as trustee of the Sanstha, underscoring the deep spiritual and cultural connect the family retains with its homeland.
The takeover is the culmination of a resolution plan approved by the Committee of Creditors on June 13, 2025, with an overwhelming 96.16% majority, followed by NCLT’s final nod on August 14. The ₹2,250-crore plan by INSCO is seen as a turning point for the company, which had long been mired in bankruptcy proceedings. A 45-day monitoring phase ensured a smooth transition of control before the new board assumed full charge.
Earlier in June, Shrai Madhvani met Prime Minister Narendra Modi in New Delhi to apprise him of INSCO’s plans for HNGIL and the Group’s larger investment commitments in India. The Madhvani Group announced an ambitious pledge to invest ₹10,000 crore in the country over the next five years, reinforcing its intent to deepen roots in India’s industrial landscape. Prime Minister Modi welcomed the move, calling it a reaffirmation of Make-in-India’s promise and a vital link between India and East Africa’s long-standing economic and cultural ties.
For the Madhvani family, the acquisition is more than a business deal — it is a symbolic homecoming. By returning to Gujarat, reconnecting with their spiritual heritage, and committing large-scale investments, the family is aligning business revival with cultural roots, tradition with modernity.
Muljibhai Prabhudas Madhvani (1894–1958), who migrated from Gujarat to Uganda, was the visionary founder of the Madhvani Group. Starting with modest trading, he built one of East Africa’s largest conglomerates spanning sugar, brewing, tea, textiles, and more. His ventures created tens of thousands of jobs and community assets, while his philanthropic initiatives — schools, healthcare, housing, and the Muljibhai Madhvani Foundation — uplifted generations. Revered as both an industrialist and humanitarian, he remains a symbol of enterprise that created wealth with purpose, a legacy the family now seeks to continue in India through HNG’s revival.
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