Reliance Industries Ltd. has denied a media report that billionaire Mukesh Ambani and his family is relocating to London and the group's acquisition of Stoke Park is part of hospitality business expansion.
“Reliance Industries Limited will like to clarify that the Chairman and his family have no plans whatsoever to relocate or reside in London or anywhere else in the world,” according to the company's media statement. The company called the report "unwarranted and baseless speculation".
Group company RIIHL (Reliance Industrial Investments and Holdings Ltd.) recently acquired Stoke Park estate for 57 million pounds (Rs 592 crore), which will help the company expand its consumer and hospitality business, it said.
The clarification came after the media report that the Ambanis are looking to make the 300-acre country club in Buckinghamshire, Stoke Park their primary residence.
“The acquisition of the heritage property is aimed at enhancing this as a premier golfing and sporting resort, while fully complying with the planning guidelines and local regulations," the company said. "It will also expand the footprint of India's famed hospitality industry globally.”
Reliance owns 18.83% stake in EIH Ltd., the operator of the Oberoi Group of luxury hotels in India. It's also developing a convention centre, hotel, and managed residences in Bandra-Kurla Complex, Mumbai.
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