Paper / Wood / Glass/ Plastic/ Marbles-Ind'l Goods/Svs-Industry-The Economic Times - Seite 2 
Spacewood Furnishers raises Rs 300cr from PE firm A91 Partners
Spacewood Furnishers has secured Rs 300 crore from A91 Partners. This investment values the modular furniture maker at Rs 1,200 crore. The funds will support Spacewood's expansion plans, brand building, and operational enhancements. The company aims for Rs 700 crore in group revenues this fiscal. Spacewood plans to grow its store network to 100 nationwide and strengthen its online presence.
INSCO, part of Uganda's Madhvani Group, has finalized its acquisition of HNG, India's largest glass bottle maker. This concludes a lengthy four-year bankruptcy process. INSCO transferred Rs 1,851 crore to creditors and a 5% stake. This resolution brings significant relief to creditors after years of litigation. State Bank of India is a major beneficiary, set to recover substantial funds.
HNGIL revival kicks off with Kolkata as Madhvani Group's INSCO takes charge
Uganda's Madhvani Group, through INSCO, has successfully acquired Hindustan National Glass & Industries Ltd (HNGIL) for Rs 2,250 crore. New chairman Shrai Madhvani visited Kolkata facilities, outlining a revival plan with Rs 1,000 crore capex for modernization and diversification. Employees express optimism about the group's global turnaround expertise.
Varmora promoters buy back 2% stake from Carlyle
Varmora Granito promoters have bought back a 2% stake from private equity investor Carlyle Group. This move signals confidence ahead of the company's upcoming public offering. The promoters repurchased the stake for ₹100 crore. Varmora Granito is preparing for a 100% book-built initial public offering. The company plans to use fresh issue proceeds to reduce debt.
INSCO completes acquisition of HNGIL under IBC process
Independent Sugar Corporation completed its acquisition of Hindustan National Glass & Industries. This concludes a seven-year insolvency case. The Rs 2,250 crore resolution plan received all regulatory approvals. A new board now leads HNGIL. INSCO plans to modernize operations, expand product lines, and strengthen market presence. This aims to restore HNGIL's market position and contribute to national growth.
Madhvani Group’s INSCO completes acquisition of Hindustan National Glass under IBC
Independent Sugar Corporation Limited completed its acquisition of Hindustan National Glass & Industries Limited. This happened under the Insolvency and Bankruptcy Code. The National Company Law Tribunal approved the 2,250 crore rupee resolution plan. INSCO assumed full control of the company. A new board now leads HNGIL. The Madhvani Group plans significant investments in India.
Paper industry warns of price rise for consumers due to GST hike
The Indian paper industry warns that the GST hike on paper and paperboard to 18% will adversely impact consumers and MSMEs, leading to higher prices. The IPMA calls the increase a regressive step with widespread repercussions across education, packaging, and consumers. They point out an inverted duty structure that will block working capital, especially for MSMEs.
Cerberus Capital, IFC to fund Madhvani group's Hindusthan National Glass buyout
Hindusthan National Glass and Industries Limited (HNG) was admitted for insolvency proceedings in October 2021 at the behest of DBS Bank, a financial creditor. Protracted litigation has delayed its insolvency resolution process by years. Typically, companies undergoing insolvency need to find a resolution within 330 days.
Ester Industries, Canada's Loop Industries form JV to make Rs 1,600 crore initial investment in Gujarat
Ester Industries and Loop Industries are investing Rs 1,600 crore to establish a joint venture plant in Gujarat, named Ester Loop Infinite Technologies (ELITe). This facility will produce chemically recycled polyester solutions for international markets. The project includes acquiring 90 acres of land in Dahej, with operations expected to commence by the end of 2027.
NCLT orders ex-promoters of HNG to repay defrauded Rs 42 cr amount to debtors
The NCLT has ordered Hindusthan National Glass & Industries' former promoters to return ₹42.46 crore, which they allegedly misappropriated, within two months. Failing this, recovery will be made from their properties. The tribunal has also directed the Resolution Professional to initiate criminal proceedings against Sanjay and Mukul Somany under the IBC.
'Nil' GST rate on notebooks causes anxiety to manufacturers!
Notebook manufacturers are appealing to the GST Council to move notebooks from the 'nil' GST rate to the 5% bracket. They argue that the increased GST on paper, a key input, from 12% to 18%, while the final product remains 'nil'-rated, prevents them from claiming input tax credit.
Auditor flags Rs 63 crore as potentially fraudulent transactions in HNG
BDO India detected fraudulent transactions worth Rs 63.34 crore under HNG's former management, involving entities like Rafbrix International and Durvish Vyapaar. The NCLT approved INSCO's Rs 2,250 crore resolution plan to revive the debt-ridden glass manufacturer. INSCO will invest upfront cash and modernize equipment, gaining complete control after a monitoring phase.
STMAI urges govt to implement strict measures to curb influx of low-cost Chinese pipe imports
The Seamless Tube Manufacturers' Association of India (STMAI) asserts that India possesses ample seamless pipe production capacity to satisfy domestic needs. They are urging the government to take strong action against the increasing influx of inexpensive Chinese pipe imports, which are harming the local industry despite existing protective measures.
India’s paper and paperboard imports rise 8 percent to 4.86 lakh tonnes in April-June: IPMA
India's paper and paperboard imports increased by 8% to 486,000 tonnes in Q1 FY26, with China being the largest source, surging by 28%. The rise in imports from China and ASEAN countries is impacting the competitiveness of the domestic paper industry, leading to underutilised plants.
Govt imposes minimum import price of Rs 67,220 per tonne on multi-layer paper board till March 2026
The government is setting a minimum import price of Rs 67,220 per tonne on specific paper boards. This applies to virgin multi-layer paper board until March 31, 2026. The Directorate General of Foreign Trade issued the notification. This move aims to curb product dumping from countries like Indonesia. Earlier, an anti-dumping probe was initiated following a complaint from Indian manufacturers.