Spectrum Foods Limited announced signing two significant Memorandums of Understanding (MoUs) with the Rajasthan government at Rising Rajasthan 2024, targeting major hospitality investments in the state.

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The shares of Spectrum Foods Limited were trading at ₹31.10 up by ₹3.60 or 13.09 per cent on the BSE today at 11.50 am.

The company will develop two five-star resorts: one in Ajmer (Pushkar) with a ₹140 crore investment, and another in Pali (Jawai) with an ₹80 crore investment. Each project is expected to create 150 direct jobs, with the Pushkar project set to commence in 2025 and the Pali project in 2026.

The Pushkar resort is currently in an advanced construction stage and is projected to be inaugurated within the next six months. The state government is offering substantial incentives to support these hospitality ventures, including a 75 per cent reimbursement of State Goods and Services Tax (SGST) for seven years, 100 per cent exemption on electricity duty, land tax, stamp duty, and conversion charges, and an interest subsidy of up to 6 per cent for five years.

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Spectrum Foods anticipates cumulative subsidy benefits up to ₹65 crores over seven years, which the company believes will significantly enhance the financial performance of its upcoming tourism projects.