Mukesh Ambani-controlled Reliance Industries has acquired 14.12 per cent stake in EIH Limited, which runs the Oberoi brand of hotels and resorts, for Rs 1,021 crore. The purchase is through RIL’s wholly-owned subsidiary Reliance Industries Investment and Holding Private Limited, from Oberoi Hotels Private Limited and certain other promoters of EIH Limited, RIL said in a statement.

The statement said, “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.

Commenting on the stake sell, P R S Oberoi, Chairman, Oberoi Group said, “RIL desired to make a long term financial investment in the luxury hospitality industry. We are happy to encourage their investment in EIH Ltd. There is no change to control, management or operation of EIH.”