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Ingredion Incorporated has completed the sale of a 51% interest in Pakistani food and industrial ingredients manufacturer Rafhan Maize to a group of affiliated purchasers led by Nishat Hotels and Properties, marking another step in the global ingredient supplier's portfolio transformation strategy.

The transaction, first announced in September 2025, sees Ingredion retain an approximate 20% ownership stake in Rafhan Maize while receiving approximately $165 million from the sale.

The move reflects Ingredion's continued focus on reshaping its business portfolio by reducing exposure to earnings volatility and reallocating capital toward higher-growth segments of the food and beverage ingredients market.

 Jim Zallie, chairman, president and CEO of Ingredion, said: "This transaction continues the transformation of our portfolio and reduces earnings volatility while unlocking investment dollars that can be deployed to support higher-growth businesses."

Zallie added that maintaining a minority investment in Rafhan Maize would preserve the company's strategic presence in key regional markets.

"Retaining a relationship as a minority stakeholder in a strong, well-positioned business also provides continuity of access to Middle East and South Asia markets, which we see as long-term platforms for growth," he said.

For the 2025 financial year, Ingredion's Pakistan business generated approximately $250 million in net sales, according to the company.

The acquiring group is led by Nishat Hotels and Properties, part of a diversified Pakistani business group with interests spanning agriculture, textiles and apparel, banking, and hospitality.

Headquartered in the Chicago suburbs, Ingredion Incorporated supplies ingredient solutions to food and beverage manufacturers in more than 120 countries.

The company reported approximately $7.2 billion in 2025 net sales and employs more than 11,000 people globally, producing value-added ingredients derived from grains, fruits, vegetables and other plant-based raw materials for food, beverage, animal nutrition, brewing and industrial applications.

The divestment highlights the continued trend among global ingredient manufacturers to optimise regional portfolios while maintaining strategic market access through minority investments and partnerships in high-growth emerging markets.