After almost ruling the petrochemicals, refining, oil and gas exploration, and retail businesses, Hospitality is the latest area of interest for Reliance Industries.

As the Mukesh Ambani Group (the world's fourth-richest man) has bought a 14.1% stake in hotel chain EIH Ltd.  The cash rich company that has the highest weighting in BSE has shed out USD 217.5 million for this deal.

It was reported that the 55.5 million shares of the parent company of hotels like luxury Oberon and Trident chain of hotels- EIH were sold at a whopping 10.2 billion by its founders. Even the company has been at possible opportunities for expansion and currently has around 32 hotels under its operations. It is looking to expand its footprints in overseas markets like London, New York and Paris.

Interestingly Reliance Industries has paid a high premium for the purchase of its stake and will be in direct competition with biggies like Indian Hotels Co Ltd and ITC Ltd.  The company has even had a cash stock of USD 5.7 billion as of June 30. The company has been on an acquisition mode has even injected in three shale gas joint ventures with U.S. companies.

And with this step the company will fuel its diversification plans.