Subsidiary Amira Pure Foods Private has entered into an US$8m deal with a South Korean customer

Subsidiary Amira Pure Foods Private has entered into an US$8m deal with a South Korean customer

Rice firm Amira Nature Foods has entered the South Korean market with a deal to supply Indian rice to an unnamed customer in the country.

Amira has entered into an US$8m deal to supply Indian medium short grain speciality rice. The company did not disclose the details of the customer.

"Our team is intently focused on our key growth initiative to expand into new geographies, and this South Korean customer is an example of the vast opportunity for the future growth of Amira's third party branded products and our Amira branded products in these geographies," Amira chairman and CEO Karan Chanana said.

The $8m of revenue under the contract is expected to be recognised in the first and second quarter of Amira's fiscal year ending 31 March 2014, it said.

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Amira Nature Foods Ltd Enters South Korean Market with New Customer Agreement to Supply Indian Specialty Rice

DUBAI, United Arab Emirates--(BUSINESS WIRE)--Amira Nature Foods Ltd (the “Company” or “Amira”) (NYSE: ANFI), a leading global provider of packaged Indian specialty rice, today announced that its subsidiary, Amira Pure Foods Private Limited, has entered into an agreement with a new South Korean customer to supply Indian medium short grain specialty rice for approximately $8.0 million, thereby making its first entry into the large South Korean market. The $8.0 million of revenue under the contract is expected to be recognized in the first and second quarter of fiscal year ending March 31, 2014.

“Our team is intently focused on our key growth initiative to expand into new geographies, and this South Korean customer is an example of the vast opportunity for the future growth of Amira’s third party branded products and our Amira branded products in these geographies.”

“We are extremely pleased with our entry into the South Korean market,” stated Karan A. Chanana, Amira’s Chairman and Chief Executive Officer. “Our team is intently focused on our key growth initiative to expand into new geographies, and this South Korean customer is an example of the vast opportunity for the future growth of Amira’s third party branded products and our Amira branded products in these geographies.”

About Amira Nature Foods

Founded in 1915, Amira has evolved into a leading global provider of packaged Indian specialty rice, with sales in over 40 countries today. Amira sells primarily Basmati rice, a premium long-grain rice grown only in certain regions of the Indian sub-continent, under their flagship Amira brand as well as under other third party brands. Amira sells its products primarily in emerging markets through a broad distribution network. Amira’s headquarters are in Dubai, United Arab Emirates, and it also has offices in India, Malaysia, Singapore, the United Kingdom, and the United States.

 

Original source: Amira Nature Foods