After a 2010 stake sale to Reliance Industries, East India Hotels is looking to invest in luxury properties in the Indian cities of Bangalore and Goa.
The Indian press reported that after an East India Hotels annual general meeting on Tuesday P.R.S. Oberoi, whose Oberoi Group controls the majority stake in East India Hotels, said the company is looking to build a 250-room Oberoi hotel along with 60 luxury apartments on an 8.2-acre (3.3 hectare) site in Bangalore overlooking Hebbal Lake, as well as a 100-room luxury Oberoi hotel in Goa.
“We have two valuable pieces of land in Bangalore and Goa, which we plan to develop, in all probability, with Reliance. We plan to develop projects jointly within and outside the country also,” Oberoi said.
Reliance Industries is India’s largest private sector company with diverse operations, including the manufacture of polyester and plastics, oil exploration and retail. Reliance owns a minority 15% stake in East India Hotels, which is its first investment in hospitality.
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