CCI gives clean chit to INSCO in Hindustan National Glass case
Competition Commission of India (CCI) has given a clean chit to INSCO (Independent Sugar Corporation), a Madhvani Group company based in Africa, for green channel approval for the proposed acquisition of Hindustan National Glass (HNGIL).
The Commission had initiated an investigation following a complaint filed by AGI Greenpac. INSCO and AGI Greenpac had submitted bids to acquire HNGIL, India's largest glass company. INSCO emerged as the single eligible bidder and AGI's plan received the vote from COC led by SBI.
Following the rejection, AGI Greenpac filed a complaint with the CCI challenging the green channel approval granted to INSCO, alleging that INSCO has business interests in India. AGI alleged that INSCO had applied under the green channel, but it has a business in India.
CCI has now given a clean chit to INSCO on February 13 through an order dated February 6, 2024, dismissing the allegations leveled by AGI Greenpac against it.
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