RIL takes over 14.12 pc share in East India Hotels

Mumbai, Aug 30: Mukesh Ambani led Reliance Industries Limited (RIL) acquired 14.12 percent stake in hospitality major East India Hotels (EIH).

"Reliance Industries has acquired from Oberoi Hotels Private Limited and certain other promoters shares in EIH Limited representing 14.12 percent of EIH at a total cost of Rs.1,021 crore approximately," said Ambani on Monday, Aug 30.

The company made the acquisition through its wholly owned subsidiary, Reliance Industries Investment and Holding Private Limited.

RIL informed that it would support the current management of EIH and would not demand any operational control.

The company official said, "RIL's investment in EIH has been made as the Oberoi family had developed the 'Oberoi Hotels' brand into a premier international brand in the luxury hospitality sector and as a result EIH Limited has excellent future prospects.

EIH, at present, has 32 properties globally. Of these, 22 are in India. Of the 22, 11 are under the Oberoi brand, nine are under the Trident brand and two are unbranded.

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