Mukesh Ambani controlled India’s leading company Reliance Industries Limited (RIL) entered hospitality sector by purchasing 14.1% share in hotel group EIH for 217.5 million US dollars.
EIH, which runs the luxury Oberoi and Trident chain of hotels is a the most admired company in the hospitality sector in India which manages 32 hotels.
EIH shares surged on both BSE and NSE after the stake sale.