Amira Nature Foods, a United Arab Emirates-based provider of packaged Indian specialty rice, has inked a $8m agreement with a new South Korean customer to supply Indian medium short grain specialty rice.
As per the agreed terms, the company will receive the $8m revenue in the first and second quarter of fiscal year ending 31 March 2014.
Commenting on the deal Amira chairman and chief executive officer Karan A. Chanana said that the company has entered into the South Korean market, through this agreement.
"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," added Chanana.
Amira is a provider of packaged Indian specialty rice, with sales in over 40 countries today. It 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.
The company sells its products primarily in emerging markets through a broad distribution network.
