Reliance Acquires Another British Iconic Firm, Stoke Park for $79 Million
Mukesh Ambani’s Reliance Industries has acquired the Stoke Park Ltd. The deal was closed for 57 million pounds ($79 million).
In a filing, Reliance states that the U.K.-based firm possesses a hotel and golf course, would now add to Reliance's consumer and hospitality assets.
Ambani, richest person in Asia, is planning to pivot his oil-reliant business toward consumer offerings. However, in recent years he has procured iconic British toy store Hamleys and has swiftly become India's biggest telecom operator by subscribers since the inception of its services in 2016. Facebook, Google and a clutch of private equity and sovereign wealth funds have capitalised more than $25 billion into Ambani’s businesses betting on their success.
However,tThe iconic venue – an intrinsic part of blue blooded Britain is likely to get an Indian makeover as Mukesh Ambani, one of the richest billionaires in the world, is planning to check into this uber luxury spa, hotel, golf course and country club spread across 300 acres in Buckinghamshire, as its new owner.
In 2019, Ambani had bought Hamleys to reinforce his retail footprint as part of the ongoing transformation of his oil-and-chemicals conglomerate Reliance Industries Ltd. into a consumer and technology behemoth. The Asia’s richest man and India’s demographics could aid breathe new life into Hamleys, whose share of global toy sales was estimated at 0.6 percent last year by Euromonitor International, and could witness it avert the pitfalls faced by rivals such as Toys “R” Us Inc.