Spice Islands Industries Limited has entered into a strategic partnership to manufacture and market packaged drinking water and soda products. The company's Board of Directors approved an Agreement-cum-Memorandum of Understanding (MoU) with Erva Food and Beverages Private Limited on June 26, 2026, to facilitate the production, bottling, packaging, supply, and marketing of Packaged Drinking Water, Club Soda, Flavoured Soda, and allied products.

The partnership aims to leverage mutual commercial terms to expand the company's portfolio into the beverage sector. Erva Food and Beverages Private Limited holds FSSAI Licence No. 12123801000532, ensuring compliance with food safety regulations for the proposed manufacturing activities.

Key Details of the Agreement

The agreement outlines the commercial understanding between the two entities without conferring special rights such as board appointments or share subscription privileges. The transaction does not fall within the ambit of a related party transaction, and Spice Islands Industries Limited does not hold any shareholding in Erva Food and Beverages Private Limited.

Board Approval and Authorization

The Board of Directors passed the circular resolution on June 26, 2026, in accordance with Section 175 of the Companies Act, 2013, and relevant rules. Mr. Dhaval G. Chheda, Chief Executive Officer (CEO), has been authorized to negotiate, finalize, execute, and sign the agreement and all related documents on behalf of the company. The resolution became effective immediately upon passage by the requisite majority of directors.

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.