Latest news with #AGIGreenpac
Mint
19 hours ago
- Business
- Mint
Independent Sugar to submit revised plan for bankrupt Hindusthan National Glass
Independent Sugar Corp. (INSCO) will submit a revised resolution plan worth ₹2,257 crore to Hindusthan National Glass & Industries Ltd's (HNGIL) committee of creditors in an attempt to turn around the bankrupt container glass manufacturer, a counsel involved in the matter said on the condition of anonymity. The resolution plan has been revised following a Supreme Court directive that ordered INSCO to match its offer with its rival bidder. INSCO was in a race with AGI Greenpac Ltd to acquire Kolkata-based HNGIL, India's largest container glass manufacturer. Also read: Induslaw ties up with global law firm CMS as India opens legal sector to foreign firms Under the revised resolution plan, INSCO will have to pay an upfront cash of ₹1,851 crore. A deferred cash payment of ₹356 crore (net present value— ₹264 crore) will be made to the lenders over a span of three years to match sanitary ware and glass container maker AGI Greenpac's offer. Besides, the operational creditors and workmen will receive ₹50 crore along with a 5% equity in line with INSCO's original offer. On 29 January, the Supreme Court dismissed AGI Greenpac's resolution plan saying that the offer was unsustainable due to non-compliance with the guidelines of the Insolvency and Bankruptcy Code. The court specifically noted that AGI Greenpac did not secure prior approval from the Competition Commission of India (CCI). Additionally, the Supreme Court instructed the committee of creditors (CoC) to re-evaluate other resolution plans, such as INSCO's, which had already received CCI clearance. Aggrieved by the Supreme Court order, AGI Greenpac had filed a review petition before the top court. However, the court in its order that was made publicly available on 30 May, dismissed the petition, and directed the NCLT to approve INSCO's resolution plan within six weeks. Also read: Dunzo gets relief in one insolvency case as NCLT dismisses plea More importantly, the Supreme Court had asked INSCO that had already received a CCI approval, to match its offer with AGI Greenpac's. Subsequently, AGI Greenpac moved Competition Commission of India to review and revoke its green channel approval given to INSCO. The competition watchdog, however, rejected the complaint submitted by AGI Greenpac. Also read: NCLAT rejects plea against CCI nod to AGI Greenpac HNGIL was admitted into insolvency in October 2021 by the Kolkata bench of the NCLT. During the corporate insolvency resolution process, two bidders—AGI Greenpac, with a market cap of ₹5,000 crore, and Bermuda-based Independent Sugar Corporation—vied for the acquisition of HNGIL.
Time of India
20-05-2025
- Business
- Time of India
Government working on amendments to insolvency law
The government is planning to amend the Insolvency and Bankruptcy Code (IBC) to streamline the resolution process. A key change involves Section 31(4), potentially removing the requirement for bidders to secure CCI approval before submitting resolution plans to the Committee of Creditors (CoC). This amendment aims to ease the burden on the CCI and expedite resolutions. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ( Originally published on May 20, 2025 ) The government may amend the insolvency law to stipulate that a resolution plan will require the Competition Commission of India 's (CCI's) approval only after it is endorsed by the committee of creditors (CoC) and not before that, a senior official as per Section 31 (4) of the Insolvency and Bankruptcy Code (IBC), the antitrust regulator's clearance is required before resolution plans are approved by the CoC that comprises financial creditors rule, however, applies when the resolution plan contains a merger or acquisition above a certain threshold, thereby raising competition latest proposal by the corporate affairs ministry comes after the Supreme Court in January rejected the winning bid of AGI Greenpac for Hindustan National Glass and Industries, citing its failure to get the competition regulator's clearance before the CoC be sure, the apex court, earlier this month, admitted a plea by the CCI to review this National Glass is the country's largest glass packaging firm with a 60% market share, while AGI Greenpac is the second-biggest the latest proposal, the ministry aims to ease the burden of the CCI while ensuring enough scrutiny of the winning ministry may introduce a raft of amendments to the Insolvency and Bankruptcy Code in the next Parliament session, the official said. The amendments could also include a creditor-led framework that would reduce the resolution timelines.
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Business Standard
20-05-2025
- Business
- Business Standard
MCA may amend IBC to scrap prior CCI approval for insolvency bids
The Ministry of Corporate Affairs (MCA) is likely to amend the Insolvency and Bankruptcy Code (IBC) to clarify that prior permission of the Competition Commission of India (CCI) is not required for submitting bids under the corporate insolvency resolution process, government sources indicated. This comes in the backdrop of the Supreme Court (SC) rejecting the winning bid of AGI Greenpac for Hindustan National Glass in January due to its failure to get CCI approval before the nod of the plan by the Committee of Creditors (Coc). 'We want to reduce the burden on CCI. We will try to address this issue in the IBC through an amendment,' the official source said. The provision in question is Section 31A (4) of the IBC which states, '...where the resolution plan contains a provision for combination, as referred to in section 5 of the Competition Act, 2002, the resolution applicant shall obtain the approval of the Competition Commission of India under that Act prior to the approval of such resolution plan by the committee of creditors.' The SC in its January order had said, 'AGI Greenpac's resolution plan is unsustainable as it failed to secure prior approval from the CCI, as mandated under the provision to Section 31(4) of the Insolvency and Bankruptcy Code. Consequently, the approval granted by the Committee of Creditors to the resolution plan dated October 28, 2022, without the requisite CCI approval, cannot be sustained and is hereby set aside and quashed.' The SC's decision would impact future mergers that happen through IBC. Experts feel a clarity by the government on this matter would bring relief to bidders who were concerned about approaching CCI before the CoC approval. 'Post the first submission of the plan, it could be significantly amended at the time of final submission for CoC approval. If the bidder approaches the CCI before final submission of the plan, there is no certainty that the plan being reviewed by the CCI would be the same that would be approved by the CoC,' said Anshul Jain, Partner & Leader - Regulatory, PwC India. The top court on May 8 agreed to look into a request made by the CCI to reconsider its earlier judgment from January. AGI Greenpac and Independent Sugar Corp (INSCO), were vying for HNG which went into insolvency in October 2021. INSCO secured CCI clearance in 2022, but AGI Greenpac emerged as the successful bidder chosen by the CoC, despite not having received approval from the CCI at the time. INSCO challenged this in the National Company Law Tribunal (NCLT). The crux of the dispute was whether CCI approval was mandatory before the CoC approved a resolution plan or if it could be granted afterward.
Business Standard
15-05-2025
- Business
- Business Standard
AGI Greenpac standalone net profit rises 49.60% in the March 2025 quarter
Sales rise 13.26% to Rs 704.83 crore Net profit of AGI Greenpac rose 49.60% to Rs 96.61 crore in the quarter ended March 2025 as against Rs 64.58 crore during the previous quarter ended March 2024. Sales rose 13.26% to Rs 704.83 crore in the quarter ended March 2025 as against Rs 622.33 crore during the previous quarter ended March 2024. For the full year,net profit rose 28.29% to Rs 322.44 crore in the year ended March 2025 as against Rs 251.33 crore during the previous year ended March 2024. Sales rose 4.60% to Rs 2528.82 crore in the year ended March 2025 as against Rs 2417.60 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 704.83622.33 13 2528.822417.60 5 OPM % 21.8723.41 - 24.2823.20 - PBDT 170.08130.99 30 604.02501.26 21 PBT 126.0689.24 41 426.84339.93 26 NP 96.6164.58 50 322.44251.33 28
Business Standard
15-05-2025
- Business
- Business Standard
Agi Greenpac records PAT of Rs 97 crore in Q4; EBITDA margin at 27%
Agi Greenpac has reported 50% rise in consolidated net profit to Rs 97 crore in Q4 FY25 from Rs 65 crore in Q4 FY24. Consolidated revenue grew by 13% year-over-year (YoY) to Rs 705 crore during the fourth quarter. The company's EBITDA for the period under review stood at Rs 191 crore, up 23% from Rs 156 crore from the same period last year. EBITDA margin for Q4 FY25 was 27%. For FY25, Agi Greenpac has registered a consolidated net profit of Rs 322 crore (up 28% YoY) and revenue from operations of Rs 2,529 crore (up 5% YoY). The company stated that its success in FY25 resulted from its strategic focus and careful execution in several key areas. The company enhanced its production capabilities through targeted debottlenecking, allowing it to meet growing demand effectively. Alongside these operational improvements, the company continued to strengthen its relationships with key customers while strategically growing its presence in the higher margin cosmetics, perfumery, and alcohol markets, leveraging its improved R&D and decoration facilities. The company proposed setting up of a manufacturing plant in Madhya Pradesh with a daily capacity of 500 tonnes, projected to increase the company's production capacity by approximately 25%, with an investment of nearly Rs 700 crore. This strategic move aims to capitalize on the growing demand for glass packaging in the food, beverage, and pharmaceutical sectors. Sandip Somany, chairman and managing director, AGI Greenpac, said: "Our strong performance this year reflects our focus on innovation, operational efficiencies, and delivering a premium product mix. Looking ahead, we are making strategic investments to enhance our capacity and better serve our customers. The proposed state-of-the-art in Madhya Pradesh will increase our current capacity by 25% and will help us in meeting the growing demand for high-quality glass containers in North India. AGI Greenpac is a focused packaging products company that caters to non-alcoholic beverages, alcoholic beverages, pharmaceuticals, perfumery, cosmetics, and F&B industries. The scrip shed 0.72% to currently trade at Rs 838.25 on the BSE.
