Ingredion announces strategic partnership with Sanstar Limited, expanding access to food ingredient markets in India
The sweeping collaboration is specifically engineered to accelerate growth within India‘s rapidly expanding specialty food and pharmaceutical ingredient markets.
INDIA – Ahmedabad-based Sanstar Limited, a leading corn-based specialty products and ingredient solutions company, has entered into two definitive agreements with the US-based multinational Ingredion Incorporated for a strategic partnership aimed at accelerating growth in India’s specialty ingredients sector.
The partnership includes a preferential equity investment by Ingredion into Sanstar, along with plans to establish a jointly-owned venture in India focused on specialty pharmaceutical excipients and other high-value ingredient solutions.
Under the newly signed terms, the multi-faceted transaction includes a major preferential equity investment by Ingredion into Sanstar, running alongside a parallel agreement to launch a jointly owned manufacturing and distribution venture.
Through the agreement, Ingredion will form a joint venture with Sanstar and make a 9% equity investment in the company.
The companies will commission a greenfield construction project to manufacture a diversified portfolio of specialty pharmaceutical and other ingredient products for high-value end-use markets.
Under the first agreement, Sanstar’s board has approved a preferential allotment of equity shares to Ingredion through its subsidiary Corn Products Development Inc. at ₹110 (US$1.16) per share, in compliance with the Companies Act and SEBI regulations. The total fund raise under the proposed transaction is ₹198.3 crore (US$20.88M).
Sanstar will seek shareholder approval for the preferential allotment via an Extraordinary General Meeting, subject to regulatory and exchange approvals.
The partnership will also facilitate technology transfer and know-how sharing in advanced starch derivatives, plant-based ingredients, functional texturant systems, and pharmaceutical excipients.
Commenting on the deal, Jim Zallie, chairman, president and CEO of Ingredion, said India represents an increasingly important growth market for the company, and the partnership with Sanstar expands the company’s presence with a reputable local partner that complements its existing Indian businesses, creating an opportunity to scale a broad specialty ingredients platform.
He noted that combining Sanstar’s sourcing and manufacturing capabilities with Ingredion’s formulation and go-to-market expertise creates opportunities to serve food and pharma customers better.
Gautam Chowdhary, Managing Director of Sanstar Limited, described the partnership as a defining chapter in Sanstar’s evolution from a leading corn starch manufacturer to a full-spectrum specialty ingredients company.
Ingredion, headquartered in the suburbs of Chicago, serves customers in more than 120 countries and reported 2025 annual net sales of approximately US$7.2 billion.
The company transforms grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for food, beverage, animal nutrition, brewing, pharmaceutical and industrial markets.
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