Business
Sanstar Limited Announces Strategic Partnership with Ingredion Incorporated Through Preferential Issue and Joint Venture
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.
About this update from Sanstar Limited
[{"type":"text","content":"AHMEDABAD, India, May 28, 2026 /PRNewswire/ -- 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.","length":466,"tagName":"p"},{"type":"text","content":"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.","length":250,"tagName":"p"},{"type":"text","content":"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."","length":608,"tagName":"p"},{"type":"text","content":"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.","length":469,"tagName":"p"},{"type":"text","content":"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.","length":180,"tagName":"p"},{"type":"text","content":"The above proposed allotment of shares would strengthen Sanstar's balance sheet to accelerate capacity expansion ...