Paper / Wood / Glass/ Plastic/ Marbles-Ind'l Goods/Svs-Industry-The Economic Times - Seite 3 
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.
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.
NCLT approves INSCO's Rs 2,250 crore resolution plan for Hindustan National Glass
The National Company Law Tribunal approved Independent Sugar Corporation Ltd's Rs 2,250 crore resolution plan for Hindustan National Glass & Industries Ltd, paving the way for INSCO to take control. This decision follows a Supreme Court directive for INSCO to match AGI Greenpac's earlier bid, which was rejected due to lack of CCI approval.
India-UK FTA a big step forward, will help businesses grow: JK Paper CMD Harsh Pati Singhania
JK Paper's Chairman, Harsh Pati Singhania, hails the India-UK Free Trade Agreement as a significant boost for businesses, strengthening economic ties. The agreement facilitates market access for both countries, fostering business growth and confidence. It also addresses the social service tax issue for Indian professionals in the UK, marking a substantial step forward in bilateral relations and trade.
PVC pipes, fittings manufacturing companies to see recovery this fiscal: Crisil Ratings
PVC pipe manufacturers are poised for a revenue recovery this fiscal year, fueled by strong demand from government initiatives like the Jal Jeevan Mission and Pradhan Mantri Awas Yojna. Increased budgetary allocations for these schemes will further drive the need for PVC pipes and fittings. Improved profitability and reduced inventory levels will also support capacity expansion for these companies.
Indian furniture brand WoodenStreet aims to quadruple revenue in 3 years, mulls IPO
WoodenStreet, backed by WestBridge Capital, aims to quadruple its revenue in three years by expanding its mattress and modular furniture businesses and opening dozens of new stores, positioning itself for a public listing. The company plans to triple its store count within 18-24 months, focusing on major cities, while also considering opportunities in smaller ones.
Greenlam Industries to invest Rs 1,147 crore in Andhra Pradesh for laminate facility
Greenlam Industries is investing Rs 1,147 crore to establish a High-Pressure Laminate and Particle Board manufacturing facility in Andhra Pradesh, poised to be South India's largest. The project will deploy advanced German technology and benefit from over Rs 329 crore in incentives from the Andhra Pradesh government. This expansion aligns with the growing Indian engineered wood and home decor market.
NCLAT clears path for Hindusthan National Glass bids, rejects RP ouster
NCLAT has overturned NCLT's decision to replace Hindusthan National Glass Industries' resolution professional, instructing NCLT to reconsider bids following Supreme Court directives. The Supreme Court previously directed the CoC to evaluate Independent Sugar Corporation Ltd.'s resolution plan.