Sanstar: ₹198.3 Cr Preferential Issue & JV with Ingredion

Sanstar Limited announced a strategic partnership with Ingredion Incorporated. The Board approved a preferential issue of equity shares worth approximately ₹198.3 crores to Corn Products Development Inc., a subsidiary of Ingredion. Post-issue, Corn Products Development Inc. will hold about a 9.0% stake in Sanstar. Simultaneously, Sanstar and Ingredion/affiliates have formed a joint venture in India for manufacturing, selling, and distributing specialty pharmaceutical and other specialty ingredient products. The JV aims to leverage Ingredion's global R&D and technology and Sanstar's local manufacturing and regulatory expertise. Commercial operations for the JV are targeted within 30-36 months. This partnership strengthens Sanstar's balance sheet, accelerates capacity expansion, and facilitates technology transfer, enhancing its position as a specialty ingredients company.