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Billionaire Mukesh Ambani’s Reliance Industries Limited (RIL) has acquired a stake in Indian hotel company East India Hotels (EIH), which runs the Oberoi and Trident hotels.
RIL, which is the operator of the world’s largest refinery complex, has bought a 14% stake in EIH, worth US $217 million (INR10.2 billion).
As markets wake up to the change in shareholdings, news has also emerged that RIL is likely to nominate company chairman Mukesh Ambani’s wife Nita Ambani to the board of EIH, sparking the possibility of a slight change in management and control.
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But in a press statement sent to Hotelier India, Oberoi Group chairman PRS Oberoi said, “Reliance Industries desired to make a long-term financial investment in the luxury hospitality industry and we were happy to encourage their investment in EIH.”
He also confirmed that there would be no change to the control, management or operation of EIH.
An RIL spokesman said that board representation was up to the owners of EIH and refused to comment according to reports.
The EIH board has eight directors, including its chairman PRS Oberoi, his son Vikram and nephew Arjun.
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