In 1995, The Oberoi Group converted the property spread over 77,000 square meters into a five-star hotel after signing an agreement with the Himachal Pradesh state government through a joint venture called Mashobra Resort (MRL). Under the arrangement, the state government got shares that translated into a stake in the venture. As per its annual 2022-2023 report, EIH holds 78.79% shares in MRL, and the ownership interest held by non-controlling interests is listed as 21.21%.
Cyril Amarchand Mangaldas Bengaluru-based equity partner Arjun Lall, who had been with the firm for 20 years since graduating from NLSIU Bengaluru in 2001, has now officially left the firm.