Nishat Group has completed the acquisition of a 73.9 percent controlling stake in Rafhan Maize Products Company Limited, marking one of the largest corporate transactions in Pakistan’s food processing industry and bringing an end to the long-standing majority ownership of US-based Ingredion.
The acquisition includes shares purchased from Ingredion USA, the company’s former majority shareholder, along with additional shares acquired from minority investors through a public offer. Following the completion of the deal, Nishat Group now owns 73.9 percent of Rafhan Maize, while Ingredion retains a 20 percent shareholding.
The transaction, originally announced in September 2025, received approval from the Competition Commission of Pakistan (CCP) in May after the regulator concluded that the acquisition would not significantly impact competition in Pakistan’s corn refining market.
Rafhan Maize is among Pakistan’s leading producers of corn-based ingredients, manufacturing products such as starches, glucose syrups, sweeteners, and specialty ingredients used by the food and beverage, pharmaceutical, textile, paper, and animal nutrition industries. The company also exports a wide range of value-added food ingredients to international markets.
With this acquisition, Nishat Group further diversifies its business portfolio, expanding beyond its existing presence in textiles, banking, automobiles, energy, cement, insurance, and hospitality into the food ingredients and agro-processing sector.
The group said it plans to leverage its manufacturing expertise, financial strength, and international business network to enhance Rafhan Maize’s production capacity, strengthen its domestic operations, and boost exports of higher-value food ingredient products.
