Reliance acquires stake in EIH

Reliance Industries Limited (RIL) today announced that it had acquired, through its wholly owned subsidiary Reliance Industries Investment and Holding Private Limited, from Oberoi Hotels Private Limited and certain other promoters of EIH Limited shares in EIH Limited representing 14.12% of EIH Limited at a total cost of Rs 1,021 crores approximately.

RIL’s investment in EIH Limited has been made as the Oberoi family had developed the “Oberoi Hotels” brand into a premier international brand in the luxury hospitality sector and as a result EIH Limited has excellent future prospects.

RIL has full faith in and would support the management of EIH Limited and there is no change of management, operation or control of EIH Limited.

Reliance Industries Limited
Reliance Industries Limited (RIL) is India’s largest private sector company on all major financial parameters with a turnover of ' 2,00,400 crore (US$ 44.6 billion), cash profit of ' 27,933 crore (US$ 6.2 billion), net profit of ' 16,236 crore (US$ 3.6 billion) and net worth of ' 1,37,171 crore (US$ 30.6 billion) as of March 31, 2010.

RIL is the first private sector company from India to feature in the Fortune Global 500 list of 'World's Largest Corporations' and ranks 117th amongst the world's Top 200 companies in terms of profits. RIL ranks 75th in the Financial Times FT Global 500 list of the world's largest companies. RIL is rated as the 15th ‘Most Innovative Company' in the World in a survey conducted by the US financial publication-Business Week in collaboration with the Boston Consulting Group.