Pulling down the curtain to the reports that Asia’s richest person Mukesh Ambani planned to settle at London, after he purchased 300 acre of land there, the Reliance Industries Limited in a public release described the news as baseless.

There were reports in Indian media that Mukesh Ambani family were likely to relocate at London, following their acquisition of Stoke Park Estate at London.

“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 Estate, London,” the statement said. The company said Ambani family has “no plans whatsoever to relocate or reside in London or anywhere else in the world.”

Mukesh Ambani, Asia’s richest person, lives with his family in a 400,000 square feet Altamount road residence, Antilia, in Mumbai, Maharashtra. Recent reports had said that the Ambani family is expected to make the 300-acre country club in Buckinghamshire, Stoke Park, their primary residence.

However, the Reliance group said that its Reliance Industrial Investments and Holdings Limited, “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 said.