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News18
4 days ago
- Business
- News18
NCLT approves INSCO's Rs 2,752 cr resolution plan for Hindustan National Glass
New Delhi, Aug 14 (PTI) The National Company Law Tribunal on Friday approved the revised resolution plan of Rs 2,752 crore submitted by Uganda-based Independent Sugar Corporation Ltd (INSCO) for the acquisition of debt-ridden Hindustan National Glass & Industries Ltd. With this order, the insolvency battle over the leading glass bottle manufacturer moves into its implementation phase, with INSCO set to take charge of operations and begin the revival process. 'We welcome the order. It reinforces the principle that commercial wisdom of CoC is paramount, with judicial review confined to legality and compliance. The NCLT order clears the way for the Madhvani Group's strategic entry into Indian manufacturing via HNGIL," an INSCO spokesperson said in a statement. The Rs 2,752 crore resolution plan — comprising Rs 2,200 crore in upfront cash and equity valued at around Rs 550 crore — was submitted on June 8, 2025, in compliance with the Supreme Court directive to match an earlier bid by AGI Greenpac. The Committee of Creditors (CoC) cleared the proposal with 96.16 per cent voting share, issuing a Letter of Intent on June 14 that was unconditionally accepted by INSCO. Under the plan, the cash component will be paid within 30 days of NCLT approval, alongside infusion of working capital and equity issuance to CoC members within 90 days. INSCO has also budgeted around Rs 1,000 crore for capital expenditure to rebuild furnaces and equipment over the coming years. The Kolkata-bench of the tribunal, upholding the CoC's 'commercial wisdom', declared INSCO the successful resolution applicant and made the plan binding on all stakeholders under Section 31 of the Insolvency and Bankruptcy Code. The moratorium under Section 14 has been lifted with immediate effect, and the Resolution Professional directed to hand over control to INSCO. Last month, the Competition Commission of India (CCI) dismissed the objections raised by AGI Greenpac Ltd regarding the green channel approval granted to INSCO for the proposed acquisition of HNG. According to the CCI's order dated July 15, 2025, the notice filed by INSCO on September 30, 2022, under Section 6(2) of the Competition Act, 2002, was found to be in compliance with relevant provisions. Initially, AGI Greenpac was the front runner for HGIL, with a bid of Rs 2,752 crore. However, the Supreme Court in January 2025 rejected the bid on the ground that the company did not have a CCI approval for the acquisition. INSCO had moved the court seeking the cancellation of AGI Greepac's bid since the company had not received CCI approval. While rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO, the second-highest bidder, to match the offer given by AGI Greenpac. PTI DP DP MR view comments First Published: August 14, 2025, 20:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Hindu
22-07-2025
- Business
- The Hindu
AGI Greenpac shares surge on Q1 results, charts ₹1,000-cr. aluminium can foray
AGI Greenpac shares surged almost 15% on Tuesday after the glass container maker announced a 41% year-on-year increase in standalone net profit for the June quarter to ₹89 crore and planned to enter the aluminium-can segment. For the foray, it intends to set up a manufacturing plant in Uttar Pradesh with an investment of ₹1,000 crore. 'This new venture offers strong synergies with our existing glass packaging business. Both categories serve the alcohol and F&B industries, allowing for leveraging existing customer relationships, distribution networks and supply chain efficiencies,' CMD Sandip Somany said in a release on Monday. The net profit came on a 25% increase in total income to ₹721 crore (₹577 crore). The company said one of the factors contributing to the profitability was successful upgrade of the product mix, now including premium, higher-margin segments such as cosmetics, perfumery and alcohol. On the proposed plant, the company said the investment will be made in two phases and the facility is expected to be operational by Q3 FY28. It will have an initial annual production capacity of 950 million aluminium cans, which will be expanded to 1.6 billion aluminium cans by FY 2030. The company's shares on Tuesday closed 14.76% higher at Rs.972.85 apiece on the BSE. In March AGI said it will set up greenfield plant in Madhya Pradesh with ₹700 crore to boost glass manufacturing capabilities and increase daily capacity from 2,100 tonne to 2,600 tonne. It is expected to be operational by March 2027.
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Business Standard
22-07-2025
- Business
- Business Standard
AGI Greenpac share skyrockets 15% as Q1 profit zooms 41% YoY; details here
AGI Greenpac share price: Glass container company AGI Greenpac shares were buzzing in trade on Tuesday, July 22, 2205, with the scrip zooming up to 15.48 per cent to an intraday high of ₹979 per share. At 1:00 PM, AGI Greenpac share price was trading 13.38 per cent higher at ₹961.15 per share. In comparison, BSE Sensex was trading 0.17 per cent higher at 82,337.71 levels. Why did AGI Greenpac share price rally today? AGI Greenpac share price surged today following the company's robust financial performance in the first quarter of FY26 (Q1FY26). Net profit jumped 41 per cent year-on-year (Y-o-Y) to ₹89 crore in Q1FY26, as compared to ₹63 crore in Q1FY25. Total income rose 25 per cent Y-o-Y to ₹721 crore, from ₹577 crore in Q1FY25. At the operating level, earnings before interest, tax, depreciation and amortisation (Ebitda) climbed 20 per cent Y-o-Y to ₹176 crore in Q1FY26, as against ₹147 crore in Q1FY25. Sandip Somany, chairman and managing director, AGI Greenpac said, " Q1FY26 has set a strong foundation for the year. We solidified our financial position and achieved significant efficiencies throughout our operations. As we progress, our focus remains sharp on executing with agility, strengthening our strategic relationships, and consistently delivering sustainable value to all our stakeholders.' The strong June quarter show was driven by operational efficiency gains, an upgraded product mix favouring high-margin segments like cosmetics, perfumery, and alcohol, and deepened customer relationships. AGI's strategic execution across key areas helped fuel its growth momentum. Adding to the optimism, the company's board approved its entry into the aluminum cans business – marking a major diversification move. The new plant in Uttar Pradesh, with a total investment of ₹1,000 crore in two phases, is expected to begin operations by Q3FY28, with initial annual capacity of 950 million cans, expandable to 1.6 billion by FY30. The expansion aligns with AGI's broader growth strategy, including its ₹700 crore greenfield glass plant in Madhya Pradesh, which will increase glass manufacturing capacity from 2,100 to 2,600 tonnes per day. Scheduled to be operational by March 2027, the plant is expected to further boost sales and profitability. 'We are strategically entering the aluminum cans segment with the clear goal of becoming a top player in this market within a decade, solidifying AGI Greenpac as a truly comprehensive packaging solutions provider. This new venture offers strong synergies with our existing glass packaging business. Both categories serve the alcohol and F&B industries, allowing for leveraging existing customer relationships, distribution networks, and supply chain efficiencies. We are excited about the future, knowing that our success is tied to the purposeful investments we are making in the innovative solutions that will directly fuel our next stage of growth,' Somany added. About AGI Greenpac AGI Greenpac is India's leading container glass manufacturer, offering a wide-ranging portfolio that includes PET bottles, packaging products, and anti-counterfeiting security closures. With seven strategically positioned manufacturing facilities across the country, the company caters to more than 500 globally renowned institutional clients.
Business Standard
22-07-2025
- Business
- Business Standard
AGI Greenpac jumps after stellar Q1 numbers
AGI Greenpac climbed 3.65% to Rs 878.60 after the company reported a robust set of numbers for the quarter ended June 2025 (Q1 FY26). During the quarter, profit before tax jumped 39.6% year-on-year to Rs 118 crore, while profit after tax surged 40.5% YoY to Rs 89 crore, translating into a net margin of 12.3%. The companys net sales stood at Rs 687.66 crore in Q1 FY26, up 21.42% YoY, driven by improving operational efficiencies. EBITDA came in at Rs 176 crore, reflecting a 19.7% YoY increase, with the EBITDA margin at 24.3%. Operating profit (EBIT) rose 28.8% YoY to Rs 135 crore, with an 18.7% margin. A key driver of the margin expansion has been a strategic shift toward higher-value segments such as cosmetics, perfumery, and alcohol, which lifted the overall profitability profile. On the growth front, the board approved AGI's entry into the aluminum cans segment. The company plans to invest Rs 1,000 crore in a two-phase project to set up a plant in Uttar Pradesh, with operations set to begin in Q3 FY28. The unit will initially produce 950 million cans annually, expanding to 1.6 billion cans by FY30. This comes on the heels of a previously announced Rs 700 crore greenfield project in Madhya Pradesh, aimed at boosting glass production capacity from 2,100 to 2,600 tonnes per day by March 2027. AGI Greenpac is India's largest manufacturer of container glass, and also provides a comprehensive portfolio of PET bottles and products, and anti-counterfeiting security closures. With seven strategically located manufacturing plants across India, the company serves over 500 globally recognized institutional clients.
Business Standard
22-07-2025
- Business
- Business Standard
AGI Greenpac standalone net profit rises 40.52% in the June 2025 quarter
Sales rise 21.42% to Rs 687.66 croreNet profit of AGI Greenpac rose 40.52% to Rs 88.85 crore in the quarter ended June 2025 as against Rs 63.23 crore during the previous quarter ended June 2024. Sales rose 21.42% to Rs 687.66 crore in the quarter ended June 2025 as against Rs 566.33 crore during the previous quarter ended June EndedJun. 2025Jun. 2024% 21 OPM %20.6524.09 -PBDT158.45126.28 25 PBT117.7984.39 40 NP88.8563.23 41 Powered by Capital Market - Live News
