2025 Announcement, Appointment of New Board to Lead Hindustan National Glass & Industries Ltd

National, September 30, 2025 – Independent Sugar Corporation Limited (INSCO), backed by renowned industrialists Mr. Kamlesh Madhvani and Mr. Shrai Madhvani of the globally respected Madhvani Group, today announced the constitution of a new Board of Directors for Hindustan National Glass & Industries Limited (HNGIL) following the successful completion of its acquisition through the Corporate Insolvency Resolution Process (CIRP).

The new board brings together a blend of global industrial leadership, deep operational expertise, and strong governance capabilities. This marks a significant milestone in HNGIL’s journey, positioning the company for sustainable growth and operational excellence.

Newly Appointed Board of Directors

1. Mr. Shrai M. Madhvani – Chairman of the Board

Mr. Shrai Madhvani, a visionary industrialist with over 20 years of global corporate management experience, will lead the Board as its Chairman. He brings unparalleled expertise in container glass manufacturing, having successfully established new factories, expanded existing capacities, and implemented advanced technologies across multiple geographies, including India, Lebanon, Saudi Arabia, Tanzania, and Uganda.

Shrai holds a B.Sc. (Hons) in Management Science from Warwick University, UK, and an MBA in International Finance & Operations Management from Columbia University, USA.
He has been instrumental in introducing enterprise-level systems like SAP and modernizing manufacturing processes at Kakira Sugar Ltd., Uganda, one of the Madhvani Group’s flagship companies.

As a seasoned leader, Shrai serves on the boards of several Turner Group companies and oversees glass manufacturing operations of the group. His leadership is rooted in a philosophy of innovation, people development, and philanthropy, with active support for charitable and spiritual causes.

2. Mr. Kamlesh M. Madhvani – Board Member

Mr. Kamlesh Madhvani, Joint Managing Director of the Madhvani Group, is a highly respected global business leader with decades of experience across industries.
As Executive Vice President of RAMCO, the Bermuda-based family holding company, and a director of East African Holdings and EMCO Limited, Kamlesh has been pivotal in expanding the Group’s footprint in container glass manufacturing, sugar production, steel, insurance, horticulture, and leisure sectors.

Educated at Charterhouse School (UK), he holds a B.A. (Hons) in Financial Control & Economics from Lancaster University and a M.Sc. (Econ) from London Business School.
He spearheaded strategic expansions in Saudi Arabia and India, including a joint venture with the Government of Gujarat for electronic components manufacturing.

Kamlesh currently focuses on managing large-scale operations in East Africa, particularly Kakira Sugar Ltd., Uganda, one of the region’s largest sugar producers.

3. Mr. Nitin Kishore Gadhia – Director

Mr. Nitin Gadhia, a qualified Chartered Accountant, brings over 45 years of experience in container glass operations and strategic leadership. Nitin also serves as trustee representative for Mr Kamlesh and Shrai Madhvani. Have been associated with group for almost 5 decades.

1981–1994: General Manager, Kioo Ltd., Dar es Salaam, Tanzania
1994–1998: General Manager, Saudi Arabian Glass Co. (SAGCO), Jeddah
1999–2010: General Manager, Maliban SAL, Lebanon
2008–Present: Director & Vice President, Turner Associate Ltd., Dubai – overseeing financial strategy and new projects in Egypt and Australia
Nitin has been a cornerstone of the HNGIL acquisition process, serving as Authorized Representative of INSCO, and playing a critical role in legal strategy and negotiations.
He also serves as a Trustee of BAPS Swaminarayan Akshardham Temple, reflecting his dedication to community service and spiritual values.

4. Mr. Kumar Krishnan – Managing Director

Mr. Kumar Krishnan, a Certified Management Accountant, will take charge as the Managing Director of HNGIL. With over 33 years of expertise in the container glass industry, Kumar is a proven leader in setting up and managing plants under challenging conditions while achieving record performance turnarounds.

Currently, he represents the Madhvani Group in Tanzania and serves as a Director of Kioo Ltd., East and Central Africa’s largest container glass manufacturer.
Kumar’s background includes successfully launching major industrial projects and managing two successful IPOs in the Indian capital markets, showcasing his depth in both operational and financial management.