AHMEDABAD, India, May 28, 2026 -- Ahmedabad-based Sanstar Limited (Sanstar), a leading corn-based specialty products and ingredient solutions company, has entered into two definitive agreements today with the $7.2 billion US-based multi-national Ingredion Incorporated (NYSE: INGR) for a strategic partnership aimed at accelerating growth in India's specialty ingredients sector, subject to requisite shareholder and other applicable approvals.
The partnership includes a preferential equity investment by Ingredion Incorporated into Sanstar, along with plans to establish a jointly-owned venture in India focused on specialty pharmaceutical excipients and other high-value ingredient solutions.
Speaking on the announcement, Gautam Chowdhary, Managing Director, Sanstar Limited, said, "This partnership with Ingredion marks a defining chapter in Sanstar's evolution from a leading corn starch manufacturer to a full-spectrum specialty ingredients company. The preferential issue brings in a world-class, strategic anchor investor, while the Joint Venture will allow us to co-create high-value products for sectors that demand precision, purity, and innovation. We are confident this collaboration has the potential to support significant long-term value creation for all our stakeholders."
In the first agreement, Sanstar's board has approved preferential allotment of equity shares to Ingredion Incorporated through its subsidiary Corn Products Development Inc ) at Rs 110 per share, in accordance with the provisions of the Companies Act, 2013, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations) and other applicable laws and regulations. The total fund raise under the proposed transaction is Rs. 198.3 crore.
Sanstar will seek its shareholder's approval for the above preferential allotment of shares via an Extraordinary General Meeting (EGM) ,subject to regulatory/exchange approval.
The above proposed allotment of shares would strengthen Sanstar's balance sheet to accelerate capacity expansion and diversification into value-added specialty product segments.
Also, it would facilitate technology transfer and know-how sharing in advanced starch derivatives, plant-based ingredients, and functional texturant systems and pharmaceutical excipients.
In the second agreement, Sanstar Limited and Ingredion Incorporated have executed a definitive shareholders' agreement today to establish a jointly owned entity in India ("the JV entity") for the manufacture, sale, and distribution of a diversified portfolio of specialty pharmaceutical and other specialty ingredient products across high-value end-use markets.
Jim Zallie, Chairman, President and CEO, Ingredion Incorporated added, "India represents an increasingly important growth market for Ingredion. Our partnership with Sanstar expands our presence with a reputable local partner that complements our existing businesses in India with the opportunity to scale a broad specialty ingredients platform. Sanstar's sourcing and manufacturing capabilities, combined with Ingredion's formulation and go to market expertise, creates the opportunity to offer food and pharma customers differentiated offerings to serve the rapidly evolving needs of Indian consumers while also providing export opportunities from India."
The JV entity plans to set up a manufacturing facility in western India, and it would manufacture specialty ingredients-excipients for pharmaceutical and various others products.
As part of the partnership, US-based Ingredion Incorporated would contribute proprietary formulation, process technology and global applications know-how, while Sanstar would contribute local manufacturing, procurement and regulatory expertise.
About Sanstar Limited
Sanstar Limited ('Sanstar') is one of India's leading corn-based specialty products and ingredient solutions companies, engaged in the manufacture of starch, glucose, modified starches, dextrose and other corn derivatives. Listed on (BSE: 544217) and (NSE: SANSTAR), Sanstar operates state-of-the-art manufacturing facilities and serves a diverse range of industries including food & beverage, pharmaceuticals, animal nutrition, paper, and textiles. Sanstar is committed to sustainable, responsible manufacturing and consistently investing in technology-led growth. Recently, Sanstar commissioned its new facility at Dhule plant; taking the total installed capacity from 1100 TPD to 2350 TPD of processing maize-based speciality products.
About Ingredion Incorporated
Ingredion Incorporated (NYSE: INGR) a USD 7.2 billion multinational conglomerate, is a leading global ingredient solutions company headquartered near Chicago, USA, serving customers in more than 120 countries with over 12,000 employees. Ingredion manufactures value-added ingredient solutions for the food, beverage, brewing, pharmaceuticals, and industrial markets with a robust portfolio of clean and simple ingredients, plant-based proteins, and specialty starches.
In January 2026, Ingredion was named to the FORTUNE World's Most Admired Companies list for the 16th time.
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