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 takeovers in Pakistan’s food processing sector and bringing an end to decades of control by US-based Ingredion.
The transaction includes the purchase of shares from Ingredion USA, Rafhan’s long-time majority shareholder, along with additional shares acquired from minority investors through a public offer.
Following the completion of the deal, Nishat Group now holds 73.9 percent of Rafhan Maize, while Ingredion has retained a 20 percent shareholding.
Regulatory Approval and Deal Timeline
The acquisition concludes a transaction that was first announced in September 2025. It received regulatory clearance from the Competition Commission of Pakistan in May, after authorities determined that the deal would not substantially reduce competition, despite Rafhan’s strong position in Pakistan’s corn refining market.
Rafhan’s Role in Pakistan’s Food Industry
Rafhan Maize is among Pakistan’s largest producers of corn-based ingredients, including starches, glucose syrups, sweeteners, and a range of speciality products. Its customer base spans multiple sectors such as food and beverages, pharmaceuticals, textiles, paper manufacturing, and animal nutrition.
The company also plays a significant role in exports, supplying value-added food ingredients to international markets and contributing to Pakistan’s industrial export base.
Strategic Expansion for Nishat Group
The acquisition represents a major strategic expansion for Nishat Group, which has traditionally been active in textiles, banking, automobiles, energy, cement, insurance, and hospitality. By entering the food ingredients sector, the group is diversifying into a high-growth, export-orientated industry with strong demand both domestically and globally.
Nishat Group said its manufacturing expertise, financial strength, and international business network will be used to enhance Rafhan Maize’s operational capacity, develop higher-value products, and expand export volumes.
A Shift in Pakistan’s Corporate Landscape
The takeover reflects a broader trend of consolidation and diversification among Pakistan’s largest business groups, as they seek to enter resilient sectors with long-term growth potential. With control now transferred to Nishat Group, industry observers expect Rafhan Maize to play a larger role in value-added food manufacturing and export expansion in the coming years.
