After mastering retail, Mukesh Ambani’s Reliance is slowly spreading its wings in the hospitality business, buying multi-million properties across the globe for a new hotel venture.
Mukesh Ambani’s Reliance and Ratan Tata’s Tata Group are the biggest conglomerates in India, but now Ambani’s RIL is gunning for the hospitality business with a list of new multi-million properties, set to give Tata’s Taj Hotels a run for its money.
Taj Hotels was established by Tata Group in 1902, and is the epitome of luxury across the world. However, Mukesh Ambani’s Reliance Industries Ltd (RIL) has now started purchasing luxury properties across the globe in an effort to convert them into lavish hotels.
While Ambani family’s most expensive property is considered to be Antilia, their Mumbai home worth over Rs 15,000 crore, they have started buying properties in exclusive areas of the world, set to take on Taj Hotels and general revenue worth thousands of crores.
Mukesh Ambani’s most recent hotel-centric deal was with Taj competitor Oberoi Hotels and Resorts, where Reliance signed a contract for Oberoi to manage three of its hotels, two in India and one in the United Kingdom.
One of the most expensive properties of Mukesh Ambani is the Mandarin Oriental Hotel in New York in 2022, the deal for which was finalized in USD 98.15 million, which comes out to over Rs 817 crore in Indian currency.
Further, Mukesh and Nita Ambani purchased a massive mansion in Dubai’s Palm Jumeirah worth over USD 80 million (Rs 665 crore), which has over 10 spas, two swimming pools, a personal beach and several amenities, a perfect sport for a vacation resort.
Mukesh Ambani’s Reliance also signed a deal with Oberoi Hotels to manage three properties to launch a luxury business hotel chain. The three properties are – Anant Vilas Hotel in Mumbai, Stoke Park Manor in the United Kingdom, and an unnamed location in Gujarat.
The Stoke Park Manor is also a feather in Reliance’s new hospitality venture, with the deal of the lavish property finalized at over Rs 529 crore, set to convert into a luxury hotel soon.
READ | Inside Mukesh Ambani's uber-luxurious Rs 74 crore Manhattan house
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