Spice Islands Industries Limited has strengthened its board leadership by appointing Dr. Huzaifa Habil Khorakiwala as the Non-Executive Chairman and Mr. Nikhil Saran Mathur as an Additional Director. Both appointments were approved by the Board through a circular resolution passed on June 10, 2026, and are effective immediately, subject to shareholder approval.

The decision was taken based on the recommendations of the Nomination and Remuneration Committee. The new directors will serve in the category of Non-Executive Directors, with Dr. Khorakiwala also designated as the Non-Executive Chairman. These appointments are contingent upon shareholder consent within the timeline mandated by Regulation 17(1C) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Director Profiles

Dr. Huzaifa Habil Khorakiwala (DIN: 02191870) brings extensive experience as a global humanitarian leader and corporate executive. He currently serves as the Executive Director of Wockhardt Limited and is the CEO & Trustee of the Wockhardt Foundation. His leadership has been instrumental in expanding rural healthcare access through initiatives such as the Mobile 1000 program. An alumnus of Yale University School of Management, Dr. Khorakiwala has received numerous international honours, including a Knighthood and honorary doctorates for his contributions to humanitarian causes.

Mr. Nikhil Saran Mathur (DIN: 00192195) is an accomplished business leader with a diverse background spanning real estate, finance, aviation, and infrastructure. He previously served as the CEO of Lloyds Realty Limited and currently holds the position of Managing Director on the boards of various companies in sectors such as aerospace, real estate, and health. Mr. Mathur possesses significant expertise in strategic development, financial restructuring, and investment structuring, and is actively involved in technology-driven initiatives involving artificial intelligence and smart infrastructure.

Regulatory Disclosures

The company confirmed that neither appointee is related to any existing director on the Board. Furthermore, pursuant to BSE Circular No. LIST/COMP/14/2018-19 dated June 20, 2018, Spice Islands Industries Limited verified that both Dr. Khorakiwala and Mr. Mathur are not debarred from holding the office of Director by any order passed by SEBI or other authorities.

The circular resolution was passed in compliance with the provisions of Section 175 of the Companies Act, 2013, and Secretarial Standard – 1 on Meetings of the Board of Directors.

Spice Islands Industries Limited has entered into a strategic Joint Venture Agreement with The Peace Mission Private Limited to manufacture and market a functional wellness beverage under the proprietary brand name "PEACE ROGERS". The Board of Directors approved the execution of the agreement at its meeting held on June 05, 2026. This collaboration marks the company's expansion into the high-growth functional wellness beverage segment.

Joint Venture Structure

The partnership operates on a 60:40 functional cost and profit-sharing matrix. Spice Islands Industries Limited will hold a 60% financial stake and structural control, while The Peace Mission Private Limited will hold the remaining 40% stake. The venture will be managed by a Joint Management Committee (JMC) comprising six nominated representatives, with three members appointed by each entity. Routine operational matters will require a simple majority vote, whereas fundamental actions such as altering profit-sharing ratios or expanding into international territories will require unanimous written approval.

Product and Formulation

Subject to regulatory approvals and technical feasibility, the initial product line will feature a standard 210 ml per unit fortified functional wellness beverage. The formulation is designed to support hydration, nutrition, and health wellness, featuring key ingredients including Vitamin C, Vitamin D3, Vitamin B12, Spirulina, and Oral Rehydration Salts (ORS). The collaboration aims to handle the development, manufacturing, branding, marketing, distribution, and commercialization of the product nationwide and internationally.

Strategic Partnership Details

The Peace Mission Private Limited is represented by its director, Dr. Huzafa Habil Khorakiwala, who is from the promoter family of Wockhardt Limited. The agreement was executed at the registered office of The Peace Mission Private Limited located at Wockhardt Towers, Bandra Kurla Complex, Mumbai. The companies confirmed that the transaction is a commercial strategic collaboration between two independent entities, structured strictly on an arm's-length basis with no existing promoter ties or conflicts of interest.

The Board Meeting commenced at 04.00 P.M. and concluded at 06.45 P.M. on June 05, 2026.