Reliance in association with the promoters of oberoi group will purchase 14.12 percent in EIH in an amount of 1021 crore. This move reflects the move of Nita ambani, wife of the RIL chairman mukesh ambani to expand the business in the areas of hospitality, wellness and life style.

Neeta ambani was previously actively involved in the guest houses of RIL but the deal of EIH is the first direct involvement in the hospitality sector.

RIL STATEMENT SAID –

Its wholly-owned subsidiary Reliance Industries Investment and Holding Private Limited bought the stake from Oberoi Hotels Private Limited and certain other promoters of EIH Limited. “RIL’s investment in EIH Ltd 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.