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INSCO Gets CCI Clean Chit In Hindustan National Glass Case
In a significant development, the Competition Commission of India (CCI) has exonerated the Independent Sugar Corporation (INSCO), a member of the Africa-based Madhwani Group, in the case concerning its acquisition of Hindustan National Glass Limited (HNGIL), as reported by dnaindia.com. This decision comes as a considerable relief to INSCO, affirming its eligibility for the green channel approval for the proposed takeover. The scrutiny by the CCI was initiated upon receiving a complaint from AGI Greenpac, challenging INSCO`s qualification due to alleged existing business interests in India.
In a significant development, the Competition Commission of India (CCI) has exonerated the Independent Sugar Corporation (INSCO), a member of the Africa-based Madhwani Group, in the case concerning its acquisition of Hindustan National Glass Limited (HNGIL), as reported by dnaindia.com. This decision comes as a considerable relief to INSCO, affirming its eligibility for the green channel approval for the proposed takeover. The scrutiny by the CCI was initiated upon receiving a complaint from AGI Greenpac, challenging INSCO's qualification due to alleged existing business interests in India.
As detailed by dnaindia.com, INSCO had engaged in the competitive process for HNGIL's acquisition through Corporate Insolvency Resolution Process (CIRP) proceedings, seeking clearance via the green channel—a fast-track approval mechanism—under FORM 1 from the CCI, successfully securing this in September 2022. This endorsement positioned INSCO as the exclusive approved bidder for HNGIL, marking a pivotal moment in the acquisition of India's premier glass manufacturing company.
The opposition from AGI Greenpac, India's second-largest entity in the container glass sector, was notably dismissed by the CCI. AGI Greenpac's objections centered on INSCO's supposed operational footprint in India, despite applying for green channel approval. These claims were carefully considered by the CCI, which requested comprehensive clarifications from INSCO, submitted in October 2023 and followed by further details in January 2024. On February 13, 2024, with an order dated February 6, 2024, the CCI officially cleared INSCO of all allegations, as reported by dnaindia.com, ending the dispute by stating that no further communication on this matter would be entertained, thereby solidifying INSCO's acquisition pathway of HNGIL.
As detailed by dnaindia.com, INSCO had engaged in the competitive process for HNGIL's acquisition through Corporate Insolvency Resolution Process (CIRP) proceedings, seeking clearance via the green channel—a fast-track approval mechanism—under FORM 1 from the CCI, successfully securing this in September 2022. This endorsement positioned INSCO as the exclusive approved bidder for HNGIL, marking a pivotal moment in the acquisition of India's premier glass manufacturing company.
The opposition from AGI Greenpac, India's second-largest entity in the container glass sector, was notably dismissed by the CCI. AGI Greenpac's objections centered on INSCO's supposed operational footprint in India, despite applying for green channel approval. These claims were carefully considered by the CCI, which requested comprehensive clarifications from INSCO, submitted in October 2023 and followed by further details in January 2024. On February 13, 2024, with an order dated February 6, 2024, the CCI officially cleared INSCO of all allegations, as reported by dnaindia.com, ending the dispute by stating that no further communication on this matter would be entertained, thereby solidifying INSCO's acquisition pathway of HNGIL.