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Merger clearance reaffirmed for INSCO's acquisition of HNG via India's 'green channel'

By Freny Patel ( February 23, 2024, 00:54 GMT | Insight) -- Independent Sugar Corporation, a subsidiary of the Africa-based Madhwani Group, has been cleared by the Indian antitrust watchdog over its acquisition of Hindustan National Glass Limited. The ruling affirms INSCO's eligibility under the “green channel” approval route in the proposed takeover of the debt-ridden glass manufacturer. The Competition Commission of India had initiated an inquiry following a complaint filed by the rival bidder, AGI Greenpac, alleging that INSCO didn’t qualify to seek merger clearance under expedited procedures. The saga over the acquisition of the debt-ridden glass manufacturer Hindustan National Glass, or HNG, continued this week, with the Indian antitrust watchdog clearing allegations of gun-jumping and misrepresentation filed against the acquirer, a company owned by the Madhvani Group....

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