Spice Islands Industries Approves Key Director Appointment and Seals Two Major Strategic Ventures

Spice Islands Industries Approves Key Director Appointment and Seals Two Major Strategic Ventures​

Spice Islands Industries Limited, previously known as Spice Islands Apparels Limited, announced several significant decisions following its Board of Directors meeting held on July 18, 2026. The board approved the appointment of a new director and sanctioned two major agreements focused on green energy and packaged drinking water operations.

Director Appointment in Green Energy Sector​

The company’s Board reviewed and approved the appointment of Prof. (Dr.) Gurudayal Singh Toteja as an Additional Director in the category of NonExecutive Independent Director, not liable to retire by rotation. This appointment is subject to the approval of the Company's Members.

Prof. Toteja, who is noted as a distinguished public health professional with over 40 years of experience, previously served as Additional Director General at the Indian Council of Medical Research (ICMR). The Board confirmed that he is not related to any director or key managerial personnel of the company and holds no debarment orders from statutory authorities.

Collaboration for HYMAX Green Energy Project​

Spice Islands Industries also approved the execution of a Joint Venture and Commercialisation Agreement with Globalone Enterprises Private Limited, effective July 18, 2026. This agreement is aimed at implementing, developing, commercializing, and deploying the HYMAX Green Energy Project.

The partnership involves several key steps including establishing a project vehicle or subsidiary company, defining the governance framework, and setting implementation milestones for future expansion. The initial Proof of Concept (POC) under the agreement will involve the deployment of ten HYMAX Green Energy Systems.

Details regarding this venture are summarized below:


The agreement stipulates that the parties will jointly undertake the project, which includes establishing a commercial deployment strategy and defining necessary funding mechanisms, pending regulatory approvals. The transaction was confirmed not to be a Related Party Transaction.

Operation of Packaged Drinking Water Plant​

In a parallel decision, the Board approved the proposal to enter into a Business Operation and Management Agreement with The Cloud Water, a proprietorship concern run by Mrs. Chetanaben Harshadbhai Patel. This partnership involves Spice Islands Industries taking over the operation and management of the packaged drinking water plant owned by The Cloud Water.

The agreement sets clear roles for both parties. The Cloud Water will provide all necessary assets, including the plant, machinery, factory premises, employees, and related infrastructure. In turn, Spice Islands Industries will assume the entire operational expenditure, bearing the business at its own cost and risk.

Key financial terms of the operating agreement include:

• Expenses: The company must cover all operational costs, including salary (Rs. 85,000 per month), machinery rent (Rs. 1,30,000 per month), and factory/premises rent (Rs. 40,000 per month).
• Profit Sharing: Following the payment of all business expenses, taxes, and statutory liabilities, Spice Islands Industries will be entitled to 100% of the net business profits.
• Asset Ownership: The ownership of the plant and related assets will remain exclusively with The Cloud Water.

The agreement has yet to be executed but is proposed to be completed during the ensuing week. This operational partnership was also confirmed not to be a Related Party Transaction.

Stock Price Movement​

Spice Islands Industries Ltd. shares settled on Friday at ₹496.95, edging higher after gaining 0.20%. The stock navigated an active session, trading between a daily low of ₹495.10 and a high of ₹508.00.