1038 GMT May 21, 2018
According to the report in the Economic Times, Iran has lifted its ban on imports of basmati rice from India that had been in place for five months.
"Basmati rice prices have started increasing as Iran has allowed imports from India," said Angshu Mallick, the chief operating officer at India's Adani Wilmar Company.
He added that a formal notification is awaited, but exporters and companies have started getting queries from Iran and some have even started signing contracts.
Iran has been one of the largest importers of Indian basmati rice in recent years. But in 2015-16, basmati rice exports from India to Iran almost halved to $571 million from $1.1 billion in the previous financial year.
In the first half of the current fiscal year, basmati rice exports from India to Iran amounted to $356 million.
Both India and Pakistan have claimed geographical indication on aromatic long-grained basmati rice, saying the variety is unique to the respective countries. Uruguay is another rice exporter to Iran.