In a significant development, the Competition Commission of India (CCI) has exonerated the Independent Sugar Corporation (INSCO), a member of the Africa-based Madhwani Group, in the case concerning its acquisition of Hindustan National Glass Limited (HNGIL), as reported by dnaindia.com. This decision comes as a considerable relief to INSCO, affirming its eligibility for the green channel approval for the proposed takeover. The scrutiny by the CCI was initiated upon receiving a complaint from AGI Greenpac, challenging INSCO's qualification due to alleged existing business interests in India. As detailed by dnaindia.com, INSCO had engaged in the competitive process for HNGIL's acquisition through Corporate Insolvency Resolution Process (CIRP) proceedings, seeking clearance via the green channel—a fast-track approval mechanism—under FORM 1 from the CCI, successfully securing this in September 2022. This endorsement positioned INSCO as the exclusive approved bidder for HNGIL, mark...