CCI allows AGI Greenpac to acquire Hindusthan National Glass & Industries

AGI Greenpac has received approval from Competition Commission of India for the proposed acquisition of Hindusthan National Glass & Industries Limited through Corporate Insolvency Resolution Process

Competition Commission of India has accorded its approval to packaging company AGI Greenpac for acquisition of Hindusthan National Glass & Industries (HNG) Limited, the company informed in a statement to the Securities and Exchange Board of India (SEBI) on Friday.

AGI Greenpac has received approval from the Hon'ble Competition Commission of India (CCI) for the proposed acquisition of Hindustan National Glass & Industries Limited through the Corporate Insolvency Resolution Process.

CCI has approved the proposed combination under sub-section (1) of Section 31 of the Competition Act, 2002 vide its letter dated 15th March, 2023. 

Earlier on October 31, 2022, the company had informed about the approval of the Resolution Plan by the Committee of Creditors in respect of the Corporate Insolvency Resolution Process of the Corporate Debtor and the Company being declared as the successful resolution applicant.

The detailed order of CCI is awaited, according to the statement.