Riddhi Siddhi Gluco Biols (RSGBL), an Indian manufacturer of liquid glucose, maize starch, corn gluten, and other corn-based ingredients, has completed the sale of its starch business to France-based Roquette Freres for Rs 9.5bn ($178.3m).

Riddhi Siddhi has recently de-merged and transferred its manufacturing and warehousing segment to its new entity Riddhi Siddhi Corn Processing, after receiving the federal approval.

The French ingredients company, which acquired 14.93% stake in the company in 2006, is purchasing about 60% stake in this new entity.

RSGBL said that the funds raised with the sale will be used to expand its power business, as well as to reduce its debt.

Founded and headquartered in Lestrem, France in 1933, Roquette Freres is a family owned company which focuses on producing over 650 by-products from the starch extracted from corn, wheat, potatoes and peas.

It transforms renewable resources, such as corn, wheat, potatoes, and peas into ingredients for a range of food and non-food industries across the world.

In last 15 years, RSGBL has made several acquisitions, including corn milling unit in Gokak of Glaxo and a starch processing unit in Puducherry of HindustanUnilever.

RSGBL, established in 1994, is engaged in manufacturing of starch, and exports to over 25 countries across the world.

It has a manufacturing facilities in Gokak, Karnataka; Pantnagar, Uttaranchal and Viramgam, Gujarat with a total capacity of 2,000t a day.

The company’s product portfolio includes cornstarch powder, liquid and powdered glucose, modified starches, dextrose monohydrate, glucose D, maltodextrine, high-maltose corn syrup, and dextrose syrup.

Riddhi Siddhi caters to various industries such as food processing, pharmaceuticals, paper, textiles, adhesives, inks, and paints industry.