Billionaire Mukesh Ambani, in an effort to advance his company’s portfolio, has signed a massive deal with ulta-luxury hotel chain Oberoi Hotels and Resorts. Reliance Industries Ltd (RIL) is teaming up with Oberoi Hotels for a new hospitality venture.
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The new deal between Ambani’s RIL and The Oberoi Hotels is set to give tough competition to other luxury hotel chains in the country such as Tata’s Taj Hotels and the Leela Palace hotels. It must be noted that Reliance already owns 19 percent of Oberoi’s EIH Limited.
Through this new deal signed between Mukesh Ambani’s company and The Oberoi Hotels and Resorts, the ultra-luxury hotel brand will be managing three properties owned by Reliance, creating a luxury and royal experience for the travellers.
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According to the announcement made by the two companies, Oberoi Hotels will be managing three luxury hotel properties of Reliance – the upcoming Anant Vilas Hotel in Mumbai, Stoke Park in the United Kingdom, and another resort in Gujarat.
Anant Vilas Hotel, which has been named after Mukesh Ambani’s son Anant Ambani, will be established in Mumbai’s Bandra Kurla Complex (BKC), which has since emerged as the hub of business and a major destination for multiple Reliance ventures.
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In the United Kingdom, Reliance and Oberoi have teamed up to manage and commercialize the Stoke Park property, which has a total of 59 rooms. Reliance had purchased the massive property in UK in 2021 for a whopping Rs 529 crore.
The purpose of these deals is to commercialise these properties and to integrate more features such as spas, golf courses, and other leisure activities to boost tourism. The details of the project in Gujarat have not been released yet by Reliance and Oberoi Hotels.
The Oberoi Hotels and Resorts are currently worth over Rs 2785 crore, and this new deal with Reliance is expected to boost its business, set to give tough competition to Tata’s Taj Hotels.
