Amira's Basmati Rice Acquisition Deal Closes
News: UAE-based Amira Nature Foods has completed the acquisition of Germany-based premium-branded rice distributor Basmati Rice for an undisclosed amount. Amira will be offering 10 varieties of rice under the ATRY, Scheherazade, Sultan, Sativa and Sadry brands. The move is aimed at expanding Amira's sales in international markets, including Germany, Europe and the US, according to CEO Karan A Chanana. The company, which generated revenues of US$9mn in 2013, expects to boost current FY14 earnings through this acquisition.
BMI View: Amira Nature Foods reported a jump in full-year earnings, boosted by growing demand for basmati rice. For the year to March 31 2013, EBITDA rose 30.5% to US$52.2mn, while net profit rose 61.2% to US$19.2mn. Full-year sales were up 25.7% to US$413.7mn.