In compliance with the disclosure requirements under Regulation 30 of the SEBI Listing Regulations, as amended by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, ....
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Spice Islands Industries Ltd (earlier known as Spice Islands Apparels Ltd) has entered into a Hotel Operating Agreement on April 1, 2025, to take a hotel named 'Hotel Ardhya' on lease in Dwarka, Gujarat, from SP Enterprise (a partnership firm). The agreement is for a period of 3 years, running from April 1, 2025 to March 31, 2028. The purpose is to operate a hospitality business, and the company has cited Dwarka's high tourist potential and growing tourism as the rationale. The transaction is not a related party transaction.
This marks the company's entry into the hospitality/hotel business in a pilgrimage-tourism hotspot (Dwarka), signalling a possible diversification beyond its earlier apparel business. Shareholders should watch for revenue traction from this new segment over the 3-year lease period.