Reliance buys into Oberoi
MUMBAI, 1 September, 2010 – A unit of India’s largest private firm Reliance Industries has bought a 14% stake in one of the country’s most luxurious hotel chains in a US$217-million deal, the companies said last Monday.
The giant conglomerate, headed by India’s richest man Mukesh Ambani, said its unit Reliance Industries Investment and Holding had acquired a 14.12 % stake in East India Hotels, which owns the Oberoi and Trident brands.
