Reliance Industries Ltd on Friday quashed reports that billionaire Mukesh Ambani had plans to relocate to London. The rumour of India’s richest family planning to divide time between the UK and Mumbai started doing the rounds after reports surfaced that they were looking to make the 300-acre country club in Buckinghamshire, Stoke Park their primary residence.

Terming the reports “unwarranted and baseless speculation,” Reliance Industries Ltd issued a statement saying, “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.” 

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After the firm acquired the London property for Rs 592 crore, the family’s visit abroad have been linked to them making Stoke Park their second home. The family lives in a 400,000 square feet Altamount road residence, Antilia, in Mumbai.

“RIL group company, RIIHL, 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,” the statement said without commenting  on Ambani’s reported frequent visits abroad.

“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.

The Ambani family is part of business folklore in India, with their father, Dhirubhai Ambani, representing the quintessential rags to riches story.

The Ambani family, since 2014 has been under attack by two political parties—Aam Aadmi Party (AAP) and the Congress.

In 2014, Delhi Chief Minister Arvind Kejriwal had ordered the state’s anti-corruption wing to register a case against Mukesh Ambani along with former oil minister Veerappa Moily, in the case of windfall gains to RIL due to the United Progressive Alliance (UPA) government’s decision to double the price of natural gas in the country.