Spice Islands Industries Limited (formerly known as Spice Islands Apparels Limited) has entered into a Hotel Operating Agreement with SP Enterprise, a partnership firm, for the operation of Hotel Ardhya located in Dwarka, Gujarat. The agreement was signed on April 1, 2025, in line with the provisions outlined under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Details of the Hotel Operating Agreement

1. Company Executing the Project:
   Spice Islands Industries Limited, a company with a strong presence in the apparel and hospitality sectors, is executing this agreement for the operation of Hotel Ardhya.

2. Purpose of Agreement:
   The agreement pertains to running the hospitality business at Hotel Ardhya, situated at Opp Swaminarayan Temple, Gomti Road, Dwarka, Gujarat. The hotel will be leased from SP Enterprise, the partnership firm that owns the property.

3. Agreement Duration:
   The lease agreement for the hotel is for a period of three years, starting from April 1, 2025, and extending until March 31, 2028.

4. Rationale Behind the Agreement:
   The company has identified high tourist potential in Dwarka, a city witnessing significant growth in tourism. The presence of Swaminarayan Temple and other religious and cultural landmarks in the area contributes to the demand for hospitality services. This opportunity aligns with the company’s broader business strategy to expand its presence in the hospitality sector.

5. Related Party Transactions:
   The transaction does not fall under Related Party Transactions and has been conducted at arm’s length.

6. Additional Disclosures:
   There are no additional disclosures related to the terms and conditions of the Hotel Operating Agreement.

Conclusion and Future Prospects

This Hotel Operating Agreement marks an exciting step for Spice Islands Industries as it expands into the hospitality business. With the growing tourism in Dwarka, the company anticipates increased demand for quality hospitality services, positioning Hotel Ardhya as a prominent player in the local market. The agreement sets the stage for Spice Islands Industries to further develop its operations and brand presence in the hospitality sector.

The three-year agreement with SP Enterprise is set to run until March 2028, providing the company with a stable and growth-oriented platform in one of Gujarat’s top tourist destinations.

The Current active IPO are Infonative Solutions Limited,Spinaroo Commercial Limited,Retaggio Industries Limited.

The Closed IPOs are  Identixweb Limited, ATC Energies System Limited, Shri Ahimsa Naturals Limited.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in .Choice Broking FinX

Read more