MUMBAI India energy conglomerate Reliance Industries Ltd. has acquired a 14.1% stake in EIH Ltd., the company that operate Oberoi Hotels & Resorts.
Reliance, which is India’s most valuable company, purchased the 55.5 million shares from Oberoi Hotels Pvt. Ltd. and owner P.R.S. Oberoi for a total of US$217 million.
The share purchase does not make Reliance a majority owner of EIH, and no substantial changes to the company’s operating structure are expected as a result of the transaction.
Reliance is deep in diversification mode. The Mumbai-based company in recent months has also purchased an Internet services provider for US$1 billion, as well as a stake in a cargo airline.