Reliance Industries (RIL) is going to foray into the hospitality sector through a JV with Mumbai-based Maker Builders. The partners will build two hotels at Bandra Kurla Complex in Mumbai with an estimated cost of about Rs 1,200 crore. One hotel will be a five-star property and the other will be a super luxury hotel.
Presently, the JV partners are in discussion with Mandarin Oriental of Jardine Matheson Group to run their hotels. The first project — Maker Maxity — is likely to come up in the open-air theatre ground in Bandra. Reliance and Maker are to hold 35 per cent stake each in the project, while Urban Infrastructure Venture Capital Fund and Zander Private Equity Fund will hold 15 per cent each.
Source | http://www.hospitalitybizindia.com/detailNews.aspx?aid=8116&sid=1