Shares of Spectrum Foods Limited soared by 17% following the announcement of two significant Memorandums of Understanding (MoUs) with the Government of Rajasthan under the ‘Rising Rajasthan 2024, Jaipur’ initiative, valued at ₹220 crores. The company plans to develop two luxurious five-star resorts in Rajasthan, boosting the state’s tourism and hospitality sector.
The first resort, a ₹140 crore project in Pushkar (Ajmer), will generate 150 direct jobs and is expected to open in 2025. The second resort, a ₹80 crore development in Pali’s Jawai region, will also create 150 jobs, with a 2026 opening.
The Pushkar project is already under construction and is slated for completion within six months. The Rajasthan government’s support includes subsidies covering up to 75% SGST reimbursement, exemptions on electricity duty, land tax, stamp duty, and interest subsidies on loans, amounting to ₹65 crores in benefits over seven years.
As of 11:37 am, Spectrum Foods shares were trading 17.45% higher at Rs 32.30 on the NSE.
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