Asia’s Richest Man Mukesh Ambani’s Reliance Snaps Up Mandarin Oriental New York

Reliance Industries (NSE: RELIANCE), led by billionaire Mukesh Ambani has agreed to buy the Mandarin Oriental Hotel in New York city. Reliance Industrial Investments and Holdings, a wholly-owned subsidiary of Reliance Industries, will buy the entire stake of Columbus Centre Corporation that indirectly owns the stake in the property.

Furthermore, it will pay $98.15 million deal for this 73.34% stake in the property. Additionally, the company has also agreed acquire the remaining 26.63% stake if other owners decide to participate in the transaction. It has further added that this purchase would be at the same valuation as the 73.34% stake purchase.

Reliance expects to complete the deal by March 2022. However, the transaction is subject to certain customary regulatory and other approv...

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