Hindustan National Glass and industries Limited (HNGIL)- INSCO company Announces Appointment of New Board to Lead Hindustan National Glass & Industries Ltd
Kolkata, September 29, 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 Holdingsand 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 Universityand 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.
5. Justice (Retd.) Mukesh R. Shah – Independent Director
Justice (Retd.) Mukesh R. Shah, former Judge of the Supreme Court of India, joins as Independent Director, bringing unmatched legal expertise and governance leadership.
Justice Shah’s illustrious career includes serving as Chief Justice of the Patna High Court, Judge of the Gujarat High Court, and delivering 384 landmark judgments during his tenure at the Supreme court of India.
He was enrolled as an Advocate on 19th July, 1982 and practiced in the Gujarat High Court in Civil, Criminal, Constitutional, Taxation, Labour, Service and Company matters and specialized in Land, Constitutional, Education, Excise, Custom matters.
With over 40 years in the judiciary, Justice Shah’s inclusion underscores INSCO’s commitment to transparency, accountability, and strong corporate governance. Justice Shah served as an Additional Standing Counsel for the Central Government and was on retainer as counsel for the Central Bureau of Investigation.
6. Mrs. Geetha Gangadharan – Independent Director
Mrs. Geetha Gangadharan, a highly respected legal and regulatory expert, joins as an Independent Director.
With 25 years of experience at the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI), she is recognized for her expertise in corporate governance, financial regulation, ESG compliance, and anti-money laundering (AML) frameworks.
She has served as Chief General Manager & Head of Enforcement at SEBI, acted as a quasi-judicial authority, and advised international regulators, including a recent assignment with the Central Bank of UAE.
Geetha’s deep understanding of regulatory interplay and market dynamics will be instrumental in strengthening HNGIL’s compliance and governance systems.
She was a special adviser to a Board Member of SEBI for 5 years. She is also a guest speaker at colleges and associates herself with institutions such as the Centre for Advanced Financial Research and Learning (CAFRAL), IIM-Kozhikode, the Cochin University of Science & Technology (CUSAT), Maharashtra National Law University (MNLU) and Amity University, for both academic and professional audience. She has been part of elite international programs conducted for Regulators of Securities Market conducted at IOSCO, Madrid and the Harvard Law School, Cambridge.