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By Saikat Das and Kari Lindberg
Ugandan conglomerate Madhvani Group is in talks with Cerberus Capital Management LP for a private credit loan of about $190 million to fund its acquisition of distressed Indian glass bottle maker Hindustan National Glass & Industries Ltd, according to people familiar with the matter.
The parties are discussing a bilateral private credit loan with a tenor of about three-years, said the people, asking not to be identified because the information is private. Discussions are on-going and details are subject to change.
Earlier this month, India’s insolvency court approved a plan submitted by Independent Sugar Corporation Ltd., a unit of Madhvani, to purchase Hindustan National Glass for around 22.58 billion rupees ($257 million), according to the order.
Representatives of Independent Sugar and Cerberus didn’t immediately reply to requests for comment.
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Madhvani, which was founded in Uganda over a century ago by an eponymous Indian immigrant, has plans to invest 100 billion rupees ($1.1 billion) in India over next five years, according to a company statement earlier this month. India has become a hotspot for private credit in Asia, with real estate and construction conglomerate Shapoorji Pallonji Group completing the country’s largest ever such deal this year at $3.4 billion.
India’s private credit investments reached $9 billion in the first half of 2025, a 53% increase from the year-earlier period, according to a report by consulting firm EY.
Madhvani is one of the largest diversified private-sector groups in East Africa, employing over 10,000 people, according to its website, with businesses in sugar, packaging, and other sectors.
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