After slogging it out in the oil rigs and gas chambers, Reliance Industries Ltd has now taken the luxury route as Billionaire Mukesh Ambani’s oil. The gas-based company acquired a $217 million stake in India’s luxury hotel chain, the Oberoi. This staggering amount is worth a 14.12 percent stake in EIH Ltd., the listed company that holds the working reins for the Oberoi and Trident hotels. These are the same luxury hotels in the heat of the terrorist attack in Mumbai on the 26th November 2008.
At 53, Ambani is Asia’s richest man. His other major investments include over $1.2 billion in a broadband company and a cargo carrier. His future investment plans include setting up hospitals, universities, and a sports marketing company as well.
[Bloomberg]
