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Reliance Industries with AZB buys $217m of Khaitan & Co-client Oberoi

AZB & Partners and Khaitan & Co have assisted in Mukesh Ambani's Reliance Industries Rs 1020 crore ($217m) buy today of a 14.12 per cent stake in the Oberoi hotel and resort chain owners.

AZB & Partners co-founding partner Zia Mody is understood to have led for Reliance Industries on its investment.

Khaitan & Co partners Haigreve Khaitan and tax partners Daksha Baxi and Sanjay Sanghvi are understood to be leading the team for the selling shareholders in Oberoi Hotels & Resorts' parent company EIH Ltd, Prithvi Raj Singh Oberoi and Aravali Polymers LLP.

With the buy of 55.5m shares in EIH, Mukesh Ambani has made his first foray into the hospitality sector.

The transaction was announced by both companies earlier today.

[Correction 11:26am: An earlier version of the story erroneously stated that Khaitan & Co advised EIH Ltd, when in fact the firm advised the sellers.]

Photo by Humayunn N A Peerzaada

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