Amira Nature Foods
 | |
| Public | |
| Traded as | NYSE: ANFI |
| Industry | Agribusiness |
| Founded | 1915 |
| Founder | B.D. Chanana |
| Headquarters | Dubai, United Arab Emirates |
Area served | Worldwide |
Key people |
Karan A. Chanana (Chairman and CEO) |
| Products | Rice, snacks, ready-made meals, oil, spices |
| Revenue |
 $699.4 million USD (2015)[1] |
|
$54.3 million USD (2015)[1] | |
| Subsidiaries | Amira Pure Foods |
| Website |
www |
Amira Nature Foods is an Indian food company best known for processing and distributing basmati rice and related food products. It is one of the largest sellers of Indian-grown basmati rice in the world.[2]
History
Amira Nature Foods was founded in 1915 under the name Nav Bharat by B.D. Chanana, as a trading house buying and selling locally-grown beans.[3][4][5] The company was later taken over by B.D. Chanana's son, Karam Chanana. In 1968, the third generation of the family, Anil Chanana, joined the company, changed the name to Amira, and began focusing on exporting.[5][6] Karan A. Chanana, the current chairman and CEO, is in the fourth generation of his family to run the company.[2]
The company is headquartered in Dubai, United Arab Emirates,[7] with additional offices in India, Malaysia, Nigeria, Singapore, Germany, the United Kingdom and the United States.[8][9] Amira Nature Foods is the parent company of Amira Pure Foods, the Indian farming subsidiary that operates a 310,000 square-foot processing and milling facility in basmati rice paddy-producing regions of North India.[8][10] Since 2008, the company has been selling products under its Amira brand.[8]
Amira Nature Foods went public on the New York Stock Exchange in October 2012.[3] In December 2013, in an effort to further expand into the European market, Amira announced a deal to purchase Basmati Rice GmbH, a Germany-based distributor of rice, primarily basmati. It was the company's first acquisition since going public.[11]
In 2014, Amira Pure Foods announced an e-retailing partnership with Snapdeal to sell its basmati rice online.[12] As of 2014, the products are sold to retailers in 40 countries, including the US, UK, India, Finland, Sweden and Denmark.[3]
Products
Amira sells rice grown at the foothills of the Himalayas, purchased from approximately 200,000 small farmers in India. Following harvest, the rice is typically aged for a year or more in burlap sacks to help bring out the rice's aromatic flavor, after which the grain's husk is removed.[2][13] The rice is then processed in Delhi, India, before being distributed, marketed and sold at retail and wholesale chains worldwide.[4][7][14]
The company's basmati, sold in metallic gold packaging, is said to have "a strong floral, nutty scent and flavor after cooking."[2] Other products include specialty and organic rice, ready-made meals, snacks, cooking oil, spices, flour and organic wheat, barley and legumes.[3][4][14]
Financial allegations
In early 2015, financial research firm Prescience Point Research Group alleged in two reports that Amira had overstated its revenue and used company funds for personal use, concluding that Amira should be delisted from the New York Stock Exchange. Amira filed a lawsuit against Prescience Point in August 2015, calling its reports factually inaccurate and false.[15][16]
See also
References
- 1 2 "Amira Nature Foods Ltd Announces Full Year Fiscal 2015 and Fourth Quarter Ended March 31, 2015 Financial Results," Business Wire, July 16, 2015.
- 1 2 3 4 Sarah Nassauer, “White, Red, Black or Wild – Which Kind of Rice Is your Favorite?” Wall Street Journal, October 15, 2014.
- 1 2 3 4 Chelsey Dulaney, “Amira Nature Foods Posts Strong Profit, Revenue,” Wall Street Journal, August 28, 2014.
- 1 2 3 Rod Addy, “Amira G Foods targets foodservice next,” Food Manufacture, October 13, 2014.
- 1 2 “The First 100 Years,” In Pursuit of the Palate. Accessed November 12, 2015.
- ↑ History, amira.net. Accessed November 12, 2015.
- 1 2 Maddie Sorensen, “Amira Nature Foods Upgraded to Buy by Zacks,” Dakota Financial News, August 10, 2015.
- 1 2 3 John Blank, “My Findings on the Amira (ANFI) Debacle,” Zacks, February 11, 2015.
- ↑ “Amira Signs ‘Public’ as Advertising and Branding Agency,” Amira.net, April 2, 2015.
- ↑ Profile of Amira Nature Foods Ltd., New York Times. Accessed November 12, 2015.
- ↑ Marilyn Much, “Amira Nature Foods Makes Its Name On A Grain Of Rice,” Investors.com, January 15, 2014.
- ↑ “Amira rice ties up with Snapdeal for e-retailing,” The Economic Times, October 21, 2014.
- ↑ Ruth Taber, “Basmati has long reputation for pleasing foodie palates,” El Paso Times, August 5, 2015.
- 1 2 “Amira group ties up with 7,500 farmers for organic crops,” The Economic Times, December 8, 2014.
- ↑ Hannah Abdulla, “Amira files lawsuit for damages against Prescience Point,” just-food.com, August 12, 2015.
- ↑ Greg Hazley, “FTI Aids Amira as Rice Exporter Boils Over ‘Fraud’ Report,” O'Dwyer's, February 12, 2015.