Nishat Group has completed the acquisition of a 73.9 percent controlling stake in Rafhan Maize Products Company Limited, marking one of Pakistan’s largest corporate takeovers in the food processing sector and ending US based Ingredion’s decades long control of the company.
The acquisition includes shares purchased from Ingredion USA, the company’s long time majority shareholder, as well as additional shares acquired from minority investors through a public offer. Following the transaction, Nishat Group holds a 73.9 percent stake in Rafhan Maize, while Ingredion has retained a 20 percent shareholding.
The deal concludes a transaction first announced in September 2025. It received approval from the Competition Commission of Pakistan in May after regulators determined that it would not substantially reduce competition despite Rafhan’s dominant position in Pakistan’s corn refining industry.
Rafhan Maize is one of Pakistan’s largest manufacturers of corn based ingredients, producing starches, glucose syrups, sweeteners, and specialty products supplied to the food and beverage, pharmaceutical, textile, paper, and animal nutrition industries. The company is also a major exporter of value added food ingredients.
The acquisition significantly broadens Nishat Group’s business portfolio beyond textiles, banking, automobiles, energy, cement, insurance, and hospitality into the food ingredients sector.
The group said its manufacturing expertise, investment capacity, and international network will help expand Rafhan Maize’s domestic operations and increase exports of higher value products.
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