Deals
Reliance Buys Stake in Oberoi Hotels’ Operator for $217 Million
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Reliance Industries Ltd., India’s most valuable company, bought a stake in the operator of Oberoi Hotels & Resorts for 10.2 billion rupees ($217 million) as it expands beyond its main energy business.
Reliance, led by Mukesh Ambani, Asia’s richest man, bought a 14.12 percent stake in EIH Ltd., the two companies said in separate statements today. EIH surged 11.5 percent to 150.9 rupees, its biggest gain since Oct. 9.