India's Reliance Industries said on Thursday it has agreed with Oberoi Hotels and Resorts to co-manage three property projects spread across India and the United Kingdom, deepening its foray into the hospitality industry.
Oberoi-run Anant Vilas in Mumbai and an unnamed planned project in India's western state of Gujarat, and Mukesh Ambani's Reliance-owned Stoke Park in Buckinghamshire in the UK, will now be managed jointly by the two companies.
The Indian conglomerate last year paid nearly $100 million for a controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan, through the purchase of its Cayman Islands-based parent.
No financial details were provided by Reliance for Thursday's agreement with Indian hotelier Oberoi. (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Shailesh Kuber)