India’s largest private sector company Reliance Industries Ltd has tied up with The Oberoi Hotels and Resorts (Oberoi) to jointly manage three properties across India and the U.K.. These include the upcoming Anant Vilas Hotel in Mumbai’s Bandra Kurla Complex (BKC), the iconic Stoke Park in the U.K., and another planned project in Gujarat, the company says in a statement.
Anant Vilas, Mumbai, has been conceived as the first "metro-centric property" as part of the luxury ‘Vilas’ portfolio run by Oberoi. RIL says due to its location, which is in the bustling business district of Bandra Kurla Complex in Mumbai, the area is fast becoming a mixed-use destination, with business, hospitality, shopping, F&B, arts and culture, educational and residential uses and high footfall of citizens and visitors to the city.
"Anant Vilas seeks to augment the hotel footprint of the business district with an iconic experience for the discerning visitors."
Another major property, which will be managed by both companies, is Stoke Park, UK. Stoke Park Limited, a subsidiary of Reliance Industries, owns sports and leisure facilities in Stoke Poges, Buckinghamshire. The facilities include a hotel, sports facilities, and one of the highest-rated golf courses in Europe.
"Oberoi will assist with RIL to upgrade the facilities and make it an iconic world-class destination and to deliver an unrivalled experience for guests. The plans that will include a comprehensive upgrade of Stoke Park, including golf and other sports facilities, are under preparation," the statement adds.
Both these companies will work together on a new project in Gujarat, which is being envisaged as an "iconic hotel project", which aims to augment the tourism potential in Gujarat. This unnamed project is under implementation, says RIL.
Notably, Oberoi Hotels was voted the world’s best hotel brand during the Travel + Leisure, USA World’s Best Awards, 2022. Travel + Leisure USA’s World’s Best Awards are amongst the most prestigious in the travel industry as it is the readers who define excellence in hospitality and travel.
In the recent past, the Ambani family, which owns the world's most expensive private residential home, Antilia, in Mumbai, private jets, and James Bond cars, has added new luxury properties to their fold as RIL bought Britain's iconic country club and luxury golf resort, Stoke Park, for an estimated ₹592 crore in April 2021. It had also agreed to acquire a controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan for $270 million (including debt).
Reliance Industries had recorded a consolidated revenue of ₹9,74,864 crore and net profit worth ₹73,670 crore for the year ended March 31, 2023. The RIL stock has dipped 0.79% so far today after opening the gap down at ₹2,454 in the opening trading. The share is trading below its 52-week-high of ₹2,635.17 achieved on July 19, 2023. At the current share price, the company's m-cap stands at ₹16,64,680.28 crore. The share has fallen 3.40% in the past week; and 0.50% in the past month. But it's trading 3.00% up on a six-month basis, and 4.02% and 1.81% on a year-t0-date and one-year basis, respectively.
