Hotels and resorts around Gujarat’s Statue of Unity are being planned by Reliance Industries.
Reliance Industries plans to develop hotels and resorts near the Statue of Unity, Gujarat through its newly formed company Reliance SOU.
According to the Registrar of Companies, Reliance’s new firm will engage in activities including hotels, resorts and service apartments providing short-term lodging facilities, including accommodation in house boats.
“The company’s authorised share capital is ₹25 crore with paid-up capital of ₹1 lakh,” added the RoC filing. Statue of Unity, which is along the banks of the Narmada River in Kevadia, Gujarat, is being planned as a leading tourism destination in the country, The monument overlooks the vast surrounds and the sprawling Sardar Sarovar Dam. About 10 million people visited the statue after it was built four years ago. The Tata Group’s Indian Hotels Company has already partnered the Sardar Sarovar Narmada Nigam (SSNNL) to open two properties – Vivanta and Ginger.
In a stock exchange filing earlier this month, RIL said it has incorporated a wholly-owned subsidiary named Reliance SOU (RSOUL) to carry on the business of development of properties for commercial use but did not elaborate on whether it will manage the properties directly. RIL did not respond to an email query.
Reliance is already the biggest organised retailer in the country and is fast spreading its portfolio into other consumer-facing segments. It launched a made-for-India consumer packaged goods brand, Independence, in Gujarat and is also creating a distinct and dedicated retail distribution network for its fast-expanding FMCG portfolio. In the recent budget, finance minister Nirmala Sitharaman announced that states would be encouraged to set up a ‘unity mall’ in their capitals or their popular tourism centres.