HBI Staff | Hyderabad 
Spectrum Foods Limited has announced the signing of two significant Memorandums of Understanding (MoUs) with the Rajasthan government at the Rising Rajasthan 2024 event, marking a major expansion into the hospitality sector.
The company plans to develop two five-star resorts in the state, with a combined investment of ₹220 crore. The first project, in **Pushkar (Ajmer district)**, involves an investment of ₹140 crore and is slated to begin operations in 2025. The second, in **Jawai (Pali district)**, will require ₹80 crore and is expected to launch in 2026. Together, the projects are anticipated to generate 300 direct jobs, with each resort contributing 150 positions.
The Pushkar resort is already in an advanced construction phase and is projected to open within the next six months. Both projects will benefit from substantial incentives provided by the Rajasthan government, including:
– 75% reimbursement of SGST for seven years
– 100% exemptions on electricity duty, land tax, stamp duty, and conversion charges
– An interest subsidy of up to 6%for five years
On the market front, Spectrum Foods Limited’s shares were trading at INR 31.10, up by INR 3.60 or 13.09%, on the BSE today at 11:50 am, reflecting investor optimism about the company’s new ventures.
These developments signify Spectrum Foods’ strategic diversification into hospitality, aligning with Rajasthan’s focus on boosting tourism and investment in the state.
Source: The Hindu
