Ingredion Incorporated has completed the sale of its majority stake in Rafhan Maize Products Company Limited (RMPL) to a Nishat Group-led consortium, marking the successful conclusion of a transaction first announced in 2025. Following the deal, Ingredion has retained an approximately 20% ownership stake in the company.
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The transaction involved the sale of 51.04% shareholding in Rafhan Maize for approximately $165 million in cash. The acquisition was carried out by entities associated with the Nishat Group after receiving all necessary regulatory approvals, including clearance from the Competition Commission of Pakistan (CCP).
Rafhan Maize is one of Pakistan’s leading agro-based companies, producing a wide range of starches, sweeteners and other value-added food and industrial ingredients. The company serves customers across the food, beverage, pharmaceutical, textile and industrial sectors and remains a key player in Pakistan’s corn refining industry.
Ingredion stated that retaining a minority stake reflects its continued confidence in Rafhan Maize’s long-term growth while allowing the company to optimise its global portfolio. The transaction also enables greater local ownership under the Nishat Group while preserving Ingredion’s strategic relationship with the business.
Industry observers view the acquisition as one of the most significant corporate transactions in Pakistan’s food processing sector in recent years. The deal is expected to support Rafhan Maize’s future expansion through enhanced local leadership, continued investment and operational growth while maintaining access to Ingredion’s global expertise.
