Explained: Why the Ambanis bought a property in the UK and are they going to move to London?

The Ambanis, the richest family in India, had been surfaced with speculations that were rampant on social media with the claim that they are going to move to London and further said that they will split their time between Mumbai and London. A property that they had bought in the UK had thrown more weight to such claims and drawn huge attention from across the country. The reports further said that the Ambani family had made their newly-bought property in the UK their primary residence. 

As the speculations were widespread for the past few days, the family has finally issued an official statement in which they had affirmed that they have no plans of moving to London. Reliance Industries Limited (RIL) has on Friday issued an official statement concerning such speculations and negated them in strong words and affirmed such reports as 'baseless'. In its media statement, the RIL has said, "A recent report in a newspaper has led to unwarranted and baseless speculation in social media regarding the Ambani family's plans to partly reside in Stoke Park, London". 

"Reliance Industries Limited will like to clarify that the Chairman and his family have no plans whatsoever to relocate or reside in London or anywhere else in the world", the statement added. Mukesh Ambani, the richest man in India as well in Asia, currently lives with his family in a 400,000 square feet residence named 'Antilia' in Altamount Road in Mumbai. This residence has been branded as the world's richest home and the Ambanis have dotted up the speculations over their relocation and asserted that they have no plan to move anywhere. 

Why did the Ambani family acquire property in the UK? 

According to reports, Reliance Industrial Investments and Holdings Ltd (RIIHL), a fully owned subsidiary of RIL, had bought the 300-acre Stoke Park country club in Buckinghamshire in the UK in April 2021 for $79 million. When the news of this acquisition came to light, it had sparked the speculations that the Ambanis have decided to move to London. However, they had bought this property to develop it as a golfing and sporting resort. 

The property will get added to RIL's Consumer and Hospitality Assets and the company has said that it will fully comply with the local regulations and guidelines to convert the property as a resort. In its statement, RIL has said, "Further, RIL group company, RIHL, which acquired Stoke Park estate recently, would like to clarify that its acquisition of the heritage property is aimed at enhancing this as a premier golfing and sporting resort, while fully complying with the planning guidelines and local regulations." 

"This acquisition will add to the fast-growing consumer business of the group. Simultaneously, it will also expand the footprint of India's famed hospitality industry globally", the statement added. This UK property was used as a private residence until 1908 and the Stoke Park estate has 49 luxury bedrooms and suites, a 27-hole championship golf course, 13 tennis courts, and 14 acres of private gardens.