Foods, the UAE-based provider of packaged Indian specialty rice, has closed the takeover of a Germany-based premium branded rice distributor Basmati Rice.The financial terms of the transaction have not been divulged.
Basmati Rice offers ten varieties of rice under the ATRY, Scheherazade, Sultan, Sativa and Sadry brands. The company generated revenues of $9m in 2013.
The acquisition is expected to be accretive to Amira's current fiscal year 2014 earnings.
Amira chairman and chief executive officer Karan A Chanana said, "We are extremely pleased to complete the acquisition of Basmati Rice GmbH and look forward to growing their complementary distribution in Germany, Europe and particularly in the U.S., to further expand sales of the Amira brand.
"We continue to believe this acquisition will be highly accretive as we grow our higher margin Amira branded Basmati rice business internationally and further leverage our vertically integrated operations."
In December, the company signed a deal to take over the German brand.
Amira sells its products primarily in emerging markets through a broad distribution network. The company's headquarters are in Dubai, UAE, and it also has offices in India, Malaysia, Singapore, UK and the US.
