Agreement Details
Spice Islands Industries Limited entered into a Hotel Lease & Operating Agreement with Ladhu kara Charities (Also known as Seth Ladhukara Charity Trust) on June 25, 2026. The agreement is for taking on lease and operating a hotel property known as "The Ocean Prime" situated at Survey No. 3915, Near Vegetable Market, Sidhanath Road, Dwarka, Devbhumi Dwarka, Gujarat – 361335.
Agreement Terms and Duration
The Agreement commences effective July 1, 2026 and remains valid for a period of 11 months and 29 days, ending on June 30, 2027, unless terminated earlier in accordance with the terms of the Agreement.
Financial Terms
- Monthly lease rent: ₹3,00,000
- Annual escalation: 10%
- Refundable security deposit: ₹50,00,000 payable by the Company
Property Details
The hotel property comprises 26 rooms along with restaurant facilities. The lease includes the hotel premises along with furniture, fixtures, fittings, equipment and other assets forming part of the property.
Transaction Rationale
The Agreement was executed to expand the Company's hospitality business by leasing and operating a fully equipped hotel property, thereby strengthening its presence in the hospitality sector and creating additional revenue opportunities.
Related Party Status
The transaction does not constitute a Related Party Transaction as it has been entered into with an unrelated party and is done at arm's length.
Operational Responsibility
The Company shall operate and manage the hotel in accordance with the terms of the Agreement.