The Oberoi Hotels, Mumbai
A UNIT of India’s largest private firm Reliance Industries has bought a 14 per cent stake in one of the country’s most luxurious hotel chains in a $217m (£141m) deal, the companies said yesterday.
The giant conglomerate, headed by India’s richest man Mukesh Ambani, said its unit Reliance Industries Investment and Holding had acquired a 14.12 per cent stake in East India Hotels, which owns the Oberoi and Trident brands.
The deal is worth Rs10.2bn ($217m), both firms said in separate statements. It followed the sale of shares by three East India Hotels stakeholders.
In November 2008, The Oberoi and adjoining Trident hotels in south Mumbai were both stormed by Islamist militants as part of a wider, coordinated assault on Mumbai that killed 166 and wounded more than 300.
Thirty-five people died at The Oberoi and Trident. The Trident reopened within a month of the carnage but the more badly damaged Oberoi only began receiving visitors again in April.
Reliance Industries said both hotels had been developed into “premier international brands” and promised no change in management or operational control at the parent company.
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