CM Fadnavis Meets Madhvani Group to Discuss Maharashtra Investments
Feb, 11: Maharashtra Chief Minister Devendra Fadnavis on Tuesday held discussions with the top leadership of Uganda-based manufacturing conglomerate Madhvani-Turner Group on the group’s investment roadmap in the state over the next five years, following its acquisition of India’s largest container glass maker Hindusthan National Glass & Industries Ltd
Key discussions included the group’s global manufacturing footprint and the acquisition of HNGIL, collaboration with the state government under the ‘Make in India’ and ‘Make in Maharashtra’ initiatives, industry requirements, ease of doing business in Maharashtra and plans to expand operations while contributing to the state’s growth story.
The operationalisation of HNGIL’s Nashik plant, which is expected to emerge as a major driver of manufacturing growth and employment generation in Maharashtra was also discussed.
The Madhvani delegation led by chairman Shrai Madhvani included Mihir Madhvani, MD Kumar Krishnan and Suraj Mehta, chief strategy officer, HNGIL.
“The chief minister welcomed the group’s investment plans and assured full support from the state government. We reiterated our intent to work closely with the state to accelerate industrial development, enhance manufacturing capacity and create long-term employment opportunities in Maharashtra,” said Shrai Madhvani.
The interaction follows last year’s 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 is among the country’s most significant IBC-led industrial revivals.
“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 core. The employees and workers remain central to the revival strategy, aligned with the Government of India’s ‘Viksit Bharat’ vision,”Suraj Mehta said.
Founded in 1946, HNGIL pioneered India’s first fully automated glass manufacturing plant and today has a pan-India presence across seven locations, serving customers in over 23 countries.
Post-acquisition, the Madhvani Group has initiated a comprehensive revival plan for HNGIL focused on modernisation, capital infusion, operational efficiencies, sustainability and expansion of domestic and export markets.
In June last year, Shrai Madhvani met Prime Minister Narendra Modi and briefed him on the group’s initiatives, including the HNGIL acquisition. Madhavani also shared with PM group’s plans to invest Rs 10,000 crore in India over the next five years.
Muljibhai Madhvani, who migrated from Gujarat, led the foundation of the Group in 1914 in Uganda.