EIH’s Oberoi Hotels and Resorts to manage three Reliance-owned hotels
Reliance Industries partners with Oberoi Hotels to manage properties in India and the UK, including Anant Vilas in Mumbai and Stoke Park in the UK.
NEW DELHI: Reliance Industries has signed an understanding with The Oberoi Hotels and Resorts. Reliance through its Reliance Strategic Business Ventures Limited owns nearly 19% of Oberoi's EIH Limited. The two will jointly manage two properties in India and one in the United Kingdom.
These include the upcoming Anant Vilas Hotel, named after the billionaire's son, an urban resort in Mumbai’s Bandra Kurla Complex (BKC), a real estate land parcel that is owned and operated by Reliance Industries and the Maker Group.
The two will also together manage another planned project in Gujarat, the details of which the companies did not make available.
In the UK, Stoke Park which has about 49 rooms will be managed by the company. Reliance had purchased the UK property for about ₹529 crore in 2021.
As of March 2023, Reliance Strategic Business Ventures Limited owned 18.83% of EIH at a consolidated level with 11.77 crore shares while Oberoi Hotels Private Limited owned 17.67% or 11.05 crore shares. The other significant shareholder is ITC Limited which owns 13.69% of the company.
Vikramjit Singh Oberoi - MD & CEO, EIH Limited, in a recent analyst meeting of the company, had said that it will be opening two other hotels in Madhya Pradesh next year including a small 20-tented villa hotel which will be managed. It will also open the 66-room Rajgarh Palace in Kallol next year.
He added that in this quarter, EIH had a management fee of ₹ ₹7 crore and has 54% of its portfolio at present that is managed.
Oberoi Hotels' parent EIH Ltd had posted a 61% increase in its consolidated net profit for the first quarter of the fiscal, while its revenue increased 26.7%, compared to a year ago. It had a profit after tax of ₹106 crore in the quarter ended 30 June, as compared to ₹69.44 crore in the corresponding quarter of the previous fiscal.
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First Published:24 Aug 2023, 09:08 PM IST
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