Paper / Wood / Glass/ Plastic/ Marbles-Ind'l Goods/Svs-Industry-The Economic Times - Seite 2 
CCI clears ITC’s Rs 3,498-crore acquisition of Aditya Birla Real Estate’s paper and pulp business
The Competition Commission of India has approved ITC Limited's acquisition of Aditya Birla Real Estate Limited's paper and pulp business. This Rs 3,498 crore deal involves the transfer of ABREL's pulp and paper unit in Lalkuan, Uttarakhand to ITC. The acquisition now moves to the execution phase after receiving the antitrust watchdog's clearance.
Paper and paperboard imports from ASEAN countries surged 14% in the first half of FY2025-26, continuing a four-year trend of over 30% CAGR growth. This alarming rise, with ASEAN now comprising over 20% of India's total imports, threatens domestic industry investments. Predatory imports, facilitated by duty concessions under trade agreements, are being dumped into India, particularly from Indonesia and China.
Cosmo First enters into JV in South Korea with Filmax Corporation
Cosmo First Ltd, a plastic film maker, is forming a joint venture in South Korea with Filmax Corporation. This partnership aims to introduce Cosmo First's products into the South Korean market. It will also take Filmax's offerings to the global stage. The venture combines Cosmo First's technology and global reach with Filmax's local brand strength.
CCI raids paper mills in antitrust probe over supplies to schools body, sources say
India’s antitrust regulator, the Competition Commission of India (CCI), has carried out nationwide raids at six paper mills over alleged price collusion in supplying paper to the National Council of Educational Research and Training (NCERT), two people familiar with the matter said.
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 pays creditors ?1,851 crore to complete Hindusthan National Glass buy
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.