Diversified Indian conglomerate Anil Dhirubhai Ambani Group (ADAG) is in talks with Starwood Hotels & Resorts to launch its St. Regis brand in India, the Economic Times said on Tuesday. “Talks have reached an advanced stage and the announcement will be made soon,” the newspaper said, citing sources close to the development.
ADAG and Starwood may float a special purpose vehicle in which the Indian partner will hold a majority stake, it said.
“We are looking to grow our presence and brands in India and will definitely make the announcement at the right time,” a Starwood official was quoted as saying.
A spokesman for the Indian group declined comment.