A major corporate deal has reshaped Pakistan’s agro-industrial sector. US-based Ingredion Incorporated has agreed to sell up to 75 percent stake in Rafhan Maize Products to Pakistan’s Nishat Group, marking one of the largest mergers and acquisitions in the country in nearly 20 years.
This high-profile transaction is placing a controlling stake of Pakistan’s leading starch producer in local hands while maintaining a strategic international partnership.
Rafhan Maize: A Pioneer of Pakistan’s Starch Industry
Rafhan Maize Products has a long and influential history in Pakistan. The company began operations in 1953 and played a foundational role in establishing the country’s corn refining and starch manufacturing industry.
Over the decades, Rafhan Maize expanded its footprint across Pakistan. Today, it is operating three large production facilities and holds a production capacity that exceeds its nearest competitor by more than five times. As a result, the company is appearing as the undisputed market leader in starches and food ingredients.
Read more: https://www.pediastan.com/articles/maple-leaf-cement-acquisition-of-pioneer-cement/
Nishat Group Strengthens Its Industrial Portfolio
Nishat Group, one of Pakistan’s largest and most diversified business conglomerates, continues to expand its industrial presence. With interests spanning textiles, cement, banking, power generation, and agriculture, the group now adds a dominant food ingredients business to its portfolio.
This acquisition permits Nishat Group to deepen its involvement in value-added agriculture and food processing—sectors with strong long-term growth potential.
Deal Structure and Advisory Role
Ingredion Incorporated, a globally recognized corn refiner, will retain a strategic minority stake in Rafhan Maize. The company also making plans to continue technical and operational support, ensuring stability and continuity.
Arif Habib Limited served as the exclusive financial adviser to Ingredion for the transaction. According to Arif Habib Limited’s CEO, the deal values Rafhan Maize at a market capitalization of approximately Rs100 billion, underlining the scale of the transaction.
Why This Deal Matters for Pakistan
This transaction sends a strong signal to both local and foreign investors. It reflects confidence in Pakistan’s large-scale manufacturing and agro-processing sectors. Moreover, it is highlighting the growing role of Pakistani conglomerates in acquiring and managing strategic industrial assets.
At the same time, Ingredion’s decision to remain involved depicts that global firms still see long-term value in Pakistan’s consumer and agriculture-linked industries.
A New Chapter for Rafhan Maize
With Nishat Group taking control and Ingredion continuing strategic support, Rafhan Maize now enters a new phase of growth. The partnership is combining local market strength with global expertise, positioning the company to expand further in domestic and regional markets.
All-inclusively, the sale of a 75% stake in Rafhan Maize to Nishat Group stands as a milestone deal that reshapes Pakistan’s corporate landscape and strengthens confidence in large-scale private-sector investment.