In a significant development, the Competition Commission of India (CCI) has exonerated the Independent Sugar Corporation (INSCO), a member of the Africa-based Madhwani Group, in the case concerning its acquisition of Hindustan National Glass Limited (HNGIL), as reported by dnaindia.com. This decision comes as a considerable relief to INSCO, affirming its eligibility for the green channel approval for the proposed takeover. The scrutiny by the CCI was initiated upon receiving a complaint from AGI Greenpac, challenging INSCO's qualification due to alleged existing business interests in India. AGI Greenpac's objections centered on INSCO's supposed operational footprint in India, despite applying for green channel approval. These claims were carefully considered by the CCI, which requested comprehensive clarifications from INSCO, submitted in October 2023 and followed by further details in January 2024.

Source: dna February 20, 2024 21:01 UTC