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US-headquartered ingredient provider Ingredion has entered into a strategic partnership with Sanstar Limited, securing a 9% equity stake and establishing a joint venture to manufacture speciality ingredients in India.
The partnership combines Sanstar’s local manufacturing and sourcing footprint with Ingredion’s global formulation and application expertise. The collaboration is designed to serve high-growth food, beverage, and pharmaceutical ingredient verticals within India, while also developing new export channels from the country.
Joint Venture and Greenfield Manufacturing Investment
Under the terms of the agreement, Ingredion will establish a joint venture with Sanstar alongside making a 9% equity investment in the Mumbai-listed company.
To support the partnership, the companies will commission a greenfield construction project. This new manufacturing facility will produce a diversified portfolio of speciality pharmaceutical ingredients and other high-value corn-derived products for domestic and international markets.
By establishing a local, vertically integrated supply chain, the joint venture aims to deliver science-led ingredient solutions to customers operating in the food, beverage, pharmaceutical, home care, and beauty sectors.
Market Drivers in the Asia-Pacific Region
The expansion comes as India’s speciality starch and functional ingredients sector emerges as one of the fastest-growing markets in the Asia-Pacific region. Industry growth is currently driven by three primary market dynamics:
Rising Consumption: Growing domestic demand for processed food, convenience beverages, and packaged consumer goods.
Pharmaceutical Exports: Increasing global demand for Indian-manufactured pharmaceuticals, requiring high-quality excipients and binders.
Clean-Label Formulations: Heightened regulatory and consumer focus on clean-label, natural, and sustainable ingredient solutions.
The partnership enables Ingredion to scale its existing business in India by aligning with a major local manufacturer. Sanstar, one of India’s leading corn-based speciality companies, operates state-of-the-art manufacturing facilities and produces a wide portfolio of starches, glucose, modified starches, and dextrose.
Execution and Leadership Perspectives
The transaction brings together two entities with highly complementary operational strengths. Ingredion, which operates in more than 120 countries and reported annual net sales of approximately $7.2 billion in 2025, will lead the formulation, application development, and go-to-market strategies.
According to Jim Zallie, Chairman, President, and CEO of Ingredion, India represents an increasingly critical growth market for the multinational. He noted that the partnership expands Ingredion's presence alongside a reputable local partner, creating the opportunity to offer food and pharmaceutical customers highly differentiated solutions to meet evolving consumer demands.
Sanstar, which is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), will manage the primary agricultural sourcing, local refining, and infrastructural scale. Both companies have committed to ensuring the new greenfield project adheres to high standards of sustainable, technology-led manufacturing.
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