Nishat Group has completed the acquisition of a 73.9 percent controlling stake in Rafhan Maize Products Company Limited, in one of Pakistan’s largest corporate takeovers in the food processing sector and a deal that ends US-based Ingredion’s decades-long control of the company.

The transaction includes shares acquired from Ingredion USA, Rafhan Maize’s long-time majority shareholder, along with additional shares purchased from minority investors through a public offer. After completion of the deal, Nishat Group now holds 73.9 percent of Rafhan Maize, while Ingredion has retained a 20 percent stake.

The acquisition brings to a close a transaction first announced in September 2025. It received regulatory clearance from the Competition Commission of Pakistan in May, after the watchdog concluded that the deal would not significantly reduce competition despite Rafhan Maize’s strong position in Pakistan’s corn refining industry.

Rafhan Maize is one of the country’s largest producers of corn-based ingredients, manufacturing starches, glucose syrups, sweeteners and specialty products for industries including food and beverage, pharmaceuticals, textiles, paper and animal nutrition. The company is also a significant exporter of value-added food ingredients.

For Nishat Group, the acquisition marks a major expansion beyond its traditional interests in textiles, banking, automobiles, energy, cement, insurance and hospitality, adding food ingredients to its diversified business portfolio.

The group said Rafhan Maize is expected to benefit from Nishat’s manufacturing strength, financial capacity and international network, which could support growth in domestic operations and help increase exports of higher-value products.