Spectrum Foods (BOM:531982) signed two significant memorandums of understanding with the state government of Rajasthan, India to establish two new hospitality projects, according to a Tuesday filing to the stock exchanges.
The company plans to set up a five-star resort at Ajmer with an investment of 1.40 billion Indian rupees, and is expected to start operations in 2025.
The other five-star resort will be set up in Pali with an estimated investment of 800 million rupees to be operational by 2026.
Shares of the company surged 15% in recent trade.
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