On April 20, 2023, the Competition Commission of India (CCI) rejected AGI Greenpac Ltd's second plea against the green channel approval given to Independent Sugar Corporation Ltd (INSCO) for acquiring Hindusthan National Glass & Industries (HNG). The CCI stated that AGI's concerns lacked merit, particularly regarding undisclosed equity participants and potential overlaps in market activities. The transaction involves INSCO acquiring 100% of HNG's fresh equity and offering a 5% minority stake to certain lenders. AGI Greenpac had initially bid ₹2,752 crore (approximately $330 million USD) for HNG but was denied due to the absence of CCI approval. The Supreme Court upheld this decision in January 2025, which led to INSCO's successful bid. CCI found that the acquisition structure, including the involvement of KRPV Fire Fite Pvt Ltd, a wholly-owned subsidiary of INSCO, did not alter the market dynamics significantly enough to warrant interference with the deemed approval.