EIH
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Through its wholly owned subsidiary Reliance Industries Investment and Holding Private Limited, it has acquired 14.12% in EIH for a total cost of Rs 1021 crore, reports CNBC-TV18. “RIL's subsidiary bought shares from Oberoi Hotels ...
EIH | East India Hotels | EIH for Rs 1021 crore | EIH Historic Price Charts For NSE / BSE & RIL Buys 14.12 PC In EIH For Rs 1021 Crore | RIL acquires.
"Reliance Industries has acquired from Oberoi Hotels Private Limited and certain other promoters shares in EIH Limited representing 14.12 percent of EIH at a total cost of Rs.1021 crore approximately," the oil-to-retail conglomerate led ...
Eih in WIKIPEDIA
I have been saying this for a long time now : Oberoi's run awesome hotels, but unfortunately a lot of them dont make money.
ReplyDeletemost of the vilas properties are run in the red and the sheer project cost of these hotels makes them very very difficult to digest. you need someone with deep deep pockets.
Mukesh Ambani is just the man.
here is what i think will happen:
1. expect management changes within 6 months - 1 yr (especially the project & finance areas)
2. expect an open offer within 1 - 2 yrs
3. expect rapid expansion
4. expect brand change within 3 yrs
I dont think this is purely an investment from Reliance. I would like to think that it would be similar to Four Seasons or Aman (in both cases the original owners retained 3-4% ownership in the company and no brand changes were made), but I dont think so.
Mr. Oberoi will be around. The family (along with Mr. Analjit Singh) might own 10% or so eventually, but sooner than later you will see the Reliance stamp all over the company.