In a major boost to India’s industrial landscape, Uganda-based conglomerate Madhvani Group has announced plans to invest up to ₹10,000 crore in India over the next five years. The announcement follows a high-level meeting between Group Promoter Shrai Madhvani, his wife Aparna Madhvani, and Group Director Nitin Gadhia with Prime Minister Narendra Modi in New Delhi.
Strategic Entry via HNGIL Acquisition
The Group’s foray into India begins with the acquisition of Hindustan National Glass & Industries Ltd. (HNGIL)—India’s largest container glass manufacturer—through its subsidiary INSCO. The move was greenlit by a recent Supreme Court ruling, ending a prolonged insolvency battle and clearing the path for the takeover.
Investment Aligned with ‘Make in India’ Vision
The ₹10,000 crore investment aligns with India’s ‘Ease of Doing Business’ and ‘Make in India’ initiatives. The Group aims to channel funds into manufacturing, job creation, and industrial expansion, reinforcing Indo-African business ties.
“We are returning to our roots and contributing to India’s development journey,” said Shrai Madhvani, whose family traces its origins to Gujarat.
Government Support and Future Outlook
Prime Minister Modi welcomed the investment and assured full support for the Group’s ventures. The Madhvani delegation also expressed condolences over the recent Ahmedabad plane crash during their visit.
Founded in 1914 by Muljibhai Madhvani, the Group operates across agriculture, manufacturing, hospitality, and energy sectors in Africa, the Middle East, and North America. Its India entry marks a significant milestone in expanding its global footprint.
