6.7 C
London
Saturday, March 23, 2024
HomeBusinessMukesh Ambani invests in luxury Oberoi hotels

Mukesh Ambani invests in luxury Oberoi hotels

Date:

Related stories

Schneider Electric to make India its manufacturing hub

Energy management and automation major Schneider Electric plans to...

Pakistan seeking yet another bailout: IMF

The International Monetary Fund (IMF) has confirmed that cash-strapped...

Nirav Modi ordered to pay £6.3m to Bank of India

LONDON High Court has ordered fugitive Indian businessman, Nirav...

Zomato scraps green uniform plan amid public backlash

INDIA’s largest food delivery firm Zomato on Wednesday (20)...

Sunak launches measures to help small businesses in weak economy

PRIME MINISTER Rishi Sunak on Monday (18) launched measures...

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here

20 − 5 =