India’s richest man, Mukesh Ambani’s Reliance Industries Group, said in a regulatory filing on Thursday that it had acquired London Hotel and golf course operator stoke Park Ltd. for 57 million pounds (79 million US dollars).
Reliance said the acquisition would increase its consumption and hotel assets.
Ambani, also Asia’s richest man, is trying to shift his oil dependent business to consumer products. In recent years, he has acquired Hamleys, the UK’s iconic toy store. His Telecom subsidiary, jio, has rapidly become the operator with the most users in India since it began providing services in 2016. Facebook (296.52, – 4.95, – 1.64%), Google (2267.92, – 25.37, – 1.11%) and some private equity and sovereign wealth funds have invested more than $25 billion in his enterprises to bet on their success.