Mumbai: Wife of billionaire Mukesh Ambani, Nita Ambani has been appointed as an Additional Director on the board of East India Hotels, the company that runs the Oberoi chain of hotels and run the Trident properties in India. Reliance Industries’ Manoj Modi has also joined the board.
Just a year ago, Ambani’s Reliance Industries Limited (RIL) saved East India Hotels from a hostile conquest by ITC, which had increased its stake to 14.98%.
According to the sources, Reliance wants to stay a strategic investor in EIH and will not hike its stake unless ITC does.
Mrs Ambani is the founder-chairperson of the Dhiruhai Ambani International School; she co-owns the Mumbai Indians cricket team, which triumph this year’s IPL tournament in April.
After this announcement, shares of EIH touched an Intraday high of Rs. 96, a rise of 5% before closing 2.94 per cent on the Bombay Stock Exchange on Monday.