India's Hindusthan National Glass & Industries was sold to the Madhvani Group-owned Independent Sugar Corporation on Friday.

The acquisition follows months of regulatory discussions and has finally been approved by lenders, creditors and anti-trust regulations.

A financial note from HNG said the Independent Sugar Corporation signed a letter of intent to acquire HNG for INR 22.6 billion ($248 million) in June.

A cash consideration of INR 19.02 billion ($213 million) will be paid by Independent Sugar Corporation, it added.

Independent Sugar Corporation is part of the Uganda-based Madhvani Group, which also owns Tanzania's Kioo Glass.

The Madhvani Group has a diverse presence across Africa, Europe, the Middle East, and South Asia, with business interests spanning sugar, tea, floriculture, energy, insurance, hospitality, and packaging.

The acquisition was led by industrialists Kamlesh Madhvani and Shrai Madhvani, with financial backing from Cerberus Capital Management and the International Finance Corporation.

The acquisition was completed on September 26 and took place through India's Bankruptcy and Insolvency code process.

The new board will comprise of Shrai M. Madhvani, an experienced industrialist across India and East Africa, who becomes Chairman. He brings expertise in container glass manufacturing, having successfully established new factories, expanded existing capacities, and implemented advanced technologies across multiple geographies, including India, Lebanon, Saudi Arabia, Tanzania, and Uganda.

Kamlesh M. Madhvani, a multi-sector leader, joins as Board Member.

Nitin Kishore Gadhia, a chartered accountant with decades in container glass operations, becomes Director.

Kumar Krishnan, industry expert with plant management and IPO experience, appointed Managing Director. Currently, he represents the Madhvani Group in Tanzania and serves as a Director of Kioo, East and Central Africa’s largest container glass manufacturer.

Justice (Retd.) Mukesh R. Shah, former Supreme Court judge, and Geetha Gangadharan, RBI/SEBI regulatory specialist, join as Independent Directors.

The new leadership structure is expected to create workforce development opportunities, enhance operational efficiency, and position HNGIL for strategic expansion and innovation in container glass manufacturing.

According to its website, HNG has glass plants located at Rishra, Bahadurgarh, Rishikesh, Neemrana, Sinnar, Naidupeta and Puducherry.