Amira Nature Foods

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, organic ingredients, pulses, oil, spices
Revenue Increase $563.4 million USD (2016)[1]
Increase $41.9 million USD (2016)[1]
Subsidiaries Amira Pure Foods
Website www.amira.net

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.[7]

The company is headquartered in Dubai, United Arab Emirates,[8] with additional offices in India, Germany, the United Kingdom and the United States.[9][10] 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.[9][11] Since 2008, the company has been selling products under its Amira brand.[9]

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.[12]

In 2014, Amira Pure Foods announced an e-retailing partnership with Snapdeal to sell its basmati rice online.[13] As of 2014, the products are sold to retailers in 40 countries, including the US, UK, India, Finland, Sweden and Denmark.[3]

Throughout 2015 and 2016 Amira Nature Foods announced a number of new retail distribution wins in the US including Amazon.com, Cost Plus World Market, Jewel Osco, Publix and Shaw's Supermarket.[14][15][16][17][18] Amira Organic rice products also launched in the US in 2015 and are stocked at retailers including Costco and Whole Foods Market.[19][20]

Products

Amira sells rice grown at the foothills of the Himalayas, purchased from approximately 200,000 smallholder 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][21] The rice is then processed in Delhi, India, before being distributed, marketed and sold at retail and wholesale chains worldwide.[4][8][22]

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, cooking oil, spices, flour and organic wheat, barley and legumes.[3][4][22]

Financial allegations

In February 2015, financial research firm Prescience Point Research Group alleged 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.[23][24]

Following the allegations, two proposed shareholder class action lawsuits (which were subsequently consolidated into one) were filed against Amira in the United States. The Company contested the allegations in the Class Action and filed a motion to dismiss the Class Action. On 22 August 2016 Amira announced that the United States District Court for the Central District of California had granted the company's motion to throw out the lawsuit.[25]

See also

References

  1. 1 2 "Amira Nature Foods Ltd Announces Full Year Fiscal 2016 and Six Months Ended March 31, 2016 Financial Results," Business Wire, July 29, 2016.
  2. 1 2 3 Sarah Nassauer, “White, Red, Black or Wild – Which Kind of Rice Is your Favorite?” Wall Street Journal, October 15, 2014.
  3. 1 2 3 4 Chelsey Dulaney, “Amira Nature Foods Posts Strong Profit, Revenue,” Wall Street Journal, August 28, 2014.
  4. 1 2 3 Rod Addy, “Amira G Foods targets foodservice next,” Food Manufacture, October 13, 2014.
  5. 1 2 “The First 100 Years,” Archived November 22, 2015, at the Wayback Machine. In Pursuit of the Palate. Accessed November 12, 2015.
  6. ↑ History, amira.net. Accessed November 12, 2015.
  7. ↑ "KARAN A. CHANANA – PROFILE," globalbankingandfinance.com, January 28, 2015
  8. 1 2 Maddie Sorensen, “Amira Nature Foods Upgraded to Buy by Zacks,” Archived September 13, 2015, at the Wayback Machine. Dakota Financial News, August 10, 2015.
  9. 1 2 3 John Blank, “My Findings on the Amira (ANFI) Debacle,” Zacks, February 11, 2015.
  10. ↑ “Amira Signs ‘Public’ as Advertising and Branding Agency,” Amira.net, April 2, 2015.
  11. ↑ Profile of Amira Nature Foods Ltd., New York Times. Accessed November 12, 2015.
  12. ↑ Marilyn Much, “Amira Nature Foods Makes Its Name On A Grain Of Rice,” Investors.com, January 15, 2014.
  13. ↑ “Amira rice ties up with Snapdeal for e-retailing,” The Economic Times, October 21, 2014.
  14. ↑ "Amira Nature Foods Ltd (ANFI) Announces Products Available Through Largest US Internet Retailer," businesswire.com, March 27, 2015
  15. ↑ "Amira Nature Foods Ltd Announces New Distribution Win with Cost Plus World Market Stores," businesswire.com, March 23, 2016
  16. ↑ "Amira Nature Foods Ltd Expands US Distribution with Addition of Leading Midwest Retailer," businesswire.com, May 22, 2015
  17. ↑ "Amira Nature Foods Ltd Announces New Retail Distribution Win," businesswire.com, November 10, 2015
  18. ↑ "Amira Nature Foods Ltd Announces Retail Win in the United States," businesswire.com, March 03, 2015
  19. ↑ "Amira Nature Foods Ltd Announces Whole Foods Market to Begin Selling Amira’s Organic Certified Branded Basmati Rice Products in Stores Throughout Florida," businesswire.com, September 17, 2015
  20. ↑ "Amira Nature Foods Ltd Announces Amira Organics Now Available in Costco", businesswire.com, April 2, 2015
  21. ↑ Ruth Taber, “Basmati has long reputation for pleasing foodie palates,” El Paso Times, August 5, 2015.
  22. 1 2 “Amira group ties up with 7,500 farmers for organic crops,” The Economic Times, December 8, 2014.
  23. ↑ Hannah Abdulla, “Amira files lawsuit for damages against Prescience Point,” just-food.com, August 12, 2015.
  24. ↑ Greg Hazley, “FTI Aids Amira as Rice Exporter Boils Over ‘Fraud’ Report,” O'Dwyer's, February 12, 2015.
  25. ↑ Dean Best, "Amira Nature Foods sees US court dismiss lawsuit," just-food.com, August 22, 2016.

External links

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