News & Analysis » India
RIL Acquires 14.12% Stake In EIH For Rs.1,021 Cr.
(RTTNews) - Mukesh Ambani-led Reliance Industries Ltd., or RIL, on Monday said its its wholly-owned subsidiary Reliance Industries Investment and Holding Private Ltd. acquired 14.12 per cent stake from Oberoi Hotels Private Ltd. and certain other promoters of EIH Ltd for around Rs.1,021 crore.
RIL's investment in EIH was 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 has excellent future prospects, RIL said.
RIL has full faith in and would support the management of EIH and there is no change of management, operation or control of EIH, it added.
RIL shares are currently trading at Rs.929.30, down by 1.95% from the previous close on the BSE.
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