Madhvani Group to Invest Rs 10000 Crore in India Over Five Years

The Madhvani Group, a multinational business conglomerate based in Uganda, has announced plans to invest Rs 10000 crore in India over the next five years. This announcement comes after a meeting between the group's leadership and Prime Minister Narendra Modi in New Delhi.

The group, through its company INSCO, is in the process of acquiring Hindustan National Glass and Industries Limited, which is the largest manufacturer of container glass in India. This acquisition has been made possible following a recent Supreme Court ruling that cleared legal hurdles stemming from HNGIL's insolvency proceedings in 2021.

In addition to this acquisition, the Madhvani Group is exploring further investment opportunities aimed at industrial expansion and job creation in India.

Shrai Madhvani, promoter of the group, was accompanied by his wife Aparna Madhvani and Group Director Nitin Gadhia during the meeting with the Prime Minister. They discussed key business plans and future projects in India.

Prime Minister Modi welcomed the group’s decision and assured full government support for their ventures. He expressed happiness over the group's return to India and their interest in contributing to the nation's development.

The Madhvani Group has a strong presence in various sectors such as manufacturing, agriculture, hospitality, and energy, mainly across Africa. The planned entry into the Indian market signals a growing business connection between India and African nations.

Shrai Madhvani praised government initiatives like Ease of Doing Business and Make in India, stating that such policies encouraged the group to invest in India.

The group also expressed condolences to the Prime Minister for the tragic plane crash that took place on June 12 in Ahmedabad. The Madhvani family traces its roots back to Gujarat, with the group originally founded by Muljibhai Madhvani in Uganda in the year 1914.