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...

Login In

or

Register now for free access

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments