Amira Nature Foods has confirmed 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 $8m.
Thereby making its first entry into the large South Korean market. The $8m of revenue under the contract is expected to be recognised in the first and second quarter of fiscal year ending 31 March, 2014.
Karan Chanana, Amira’s chairman and CEO, said: “We are extremely pleased with our entry into the South Korean market,” “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.”
Source: Amira Nature Foods
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