Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Intimation of Material information/events.
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Spice Islands Industries Ltd (earlier known as Spice Islands Apparels Limited) has entered into a Hotel Management Agreement with Mr. Himatbha Punabha Manek on February 13, 2026. The agreement is to operate and manage a hotel property called 'The Somnath Inn' located in Devbhumi Dwarka, Gujarat, a high-tourism location. The management term is for a minimum of 3 years and a maximum of 7 years. Under the deal, the company will earn a management fee of 7% of total revenue plus a one-time non-refundable setup fee of Rs. 11,000 per room. The counter-party is not a related party, and the owner retains responsibility for taxes, statutory compliances, and major capital expenditure.
This marks a strategic entry by the company into the hospitality sector, potentially diversifying its revenue streams beyond its original apparel business. For shareholders, this signals a business pivot leveraging tourism potential, though the scale and financial impact remain modest at this stage given that it is a management contract with no major capital outlay.