Madhvani Group goes bullish on India

For nearly a century, the Madhvani Group has been synonymous with industrial resilience, innovation, and economic transformation across East Africa, the Middle East, and beyond. Now, the group is set to embark on its next major growth chapter India.

Founded in 1927 by Muljibhai Madhvani in Uganda, the group started as a modest trading business and gradually expanded into a multifaceted conglomerate spanning agro-processing, packaging, hospitality, energy, insurance, construction, and more. Today, the Madhvani Group boasts a turnover exceeding $500 million in Uganda alone, with assets valued at over $1 billion. The Madhvani family’s values and principles have played a role in shaping the group’s journey, influenced by their devotion to BAPS Swaminarayan Akshardham.

Their belief in Seva (selfless service), integrity, and community upliftment aligns with their approach to business, fostering long-term sustainability, ethical leadership, and a commitment to giving back to society. The group’s impact spans multiple industries. In Uganda, Kakira Sugar Works, one of its flagship companies, produces over 170,000 tonnes of sugar annually, accounting for half of Uganda’s national sugar production. Leveraging its sugar by-products, the group has also ventured into green energy production through bagasse-based cogeneration, ethanol manufacturing, and potable spirits.

Beyond agriculture, the Madhvani Group is a major player in container glass manufacturing, tourism, steel, insurance, and real estate. The Turner Group, a Madhvani Group company, is a leader in container glass production, operating state-of-the-art plants in Tanzania and previously in Lebanon and Saudi Arabia. Although the Madhvani Group is a leading player in the global container glass sector, it has no presence in India.

Another group company, Independent Sugar Corporation (INSCO), is a key player in the global industrial landscape, with a strong presence in container glass manufacturing and other strategic sectors. The company has built a reputation for revitalising industrial projects, driving efficiency, and fostering innovation across diverse sectors, including agriculture, power generation, manufacturing, and real estate.

Its route into India? INSCO recently bid for the potential acquisition of Hindustan National Glass and Industries (HNG), one of the country’s oldest and most reputed glass manufacturers. HNG is currently undergoing corporate insolvency proceedings. The move reflects INSCO’s confidence in India’s industrial potential, aligning with the Madhvani Group’s legacy of revitalising distressed businesses and transforming them into profitable enterprises. 

HNG acquisition battle

INSCO’s entry into India has not been without its challenges. The acquisition of HNG has been a fiercely contested battle, with AGI Greenpac also bidding for control. While INSCO secured Competition Commission of India (CCI) approval in September 2022, AGI’s proposal was accepted by creditors the following month – even without regulatory clearance.

This triggered a high-stakes legal battle, with INSCO challenging the decision, asserting that regulatory approval must precede any acquisition acceptance. The case escalated to India’s Supreme Court, which ruled in favor of INSCO with a landmark verdict, securing its pathway to acquiring HNG and marking a significant milestone in its entry into the Indian market.

Meanwhile, the Madhvani Group’s expansion into India’s container glass sector comes at a critical juncture. With rising demand for premium glass packaging in sectors like beverages, pharmaceuticals, and FMCG, the country’s glass industry is set for unprecedented growth. Moreover, tightening regulations on plastic usage are further accelerating the shift towards sustainable packaging solutions, making glass manufacturing a key growth sector.

INSCO, backed by decades of experience in high-quality glass production in Tanzania, Lebanon, and Saudi Arabia, is betting big on India’s rising demand for sustainable, high-quality glass solutions. Elaborating on the group’s strategic vision, Kamlesh Madhvani, Director of INSCO and Turner Group, states: “India is a key pillar of global industrial growth. Our expansion into the Indian market is driven by our commitment to innovation, sustainability, and efficiency. We see a huge opportunity to introduce world-class manufacturing practices and strengthen India’s glass industry.”

A roadmap for transformation

The Madhvani Group’s track record speaks for itself. Across Africa, it has successfully revived dormant industrial units, modernised production lines, and built market-leading enterprises. With INSCO as its vehicle, the group is poised to repeat this success in India.

“We do not just acquire companies; we transform them,” says Shrai Madhvani, Director of the Madhvani Group. “Our experience in turning around businesses, coupled with our commitment to sustainability, makes us uniquely positioned to script a new success story in India,” he adds.

Beyond container glass, the Madhvani Group sees India as a long-term strategic market. The country’s manufacturing boom, supportive policy framework, and rising industrial demand make it an attractive destination for future investments.

With the Supreme Court ruling in INSCO’s favor, the Madhvani Group has secured a landmark victory, paving the way for its expansion into India’s fast-growing economy. “This is a defining moment,” says Shrai Madhvani. “Our journey in India has just begun — we are here to stay, invest, and drive long-term growth.”