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Luxury India hotel brands targeted by investor
India’s largest private firm, Reliance Industries, has bought a 14 per cent stake worth US$217 million in one of the country’s most luxurious hotel chains.
The giant conglomerate, headed by India’s richest man Mukesh Ambani, said its unit Reliance Industries Investment and Holding had acquired the stake in East India Hotels, which owns the Oberoi and Trident brands.
In November 2008, The Oberoi and adjoining Trident hotels in Mumbai were both attacked by terrorists.
Thirty-five people died at The Oberoi and Trident. The Trident reopened within a month while the more badly damaged Oberoi began receiving visitors again in April.
AFP said East India Hotels and the Indian Hotels Company Ltd, a unit of the giant Tata Group that operates the luxury Taj Mahal Palace and Tower hotel, which was also attacked, both saw profits plunge after the high-profile assault.
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