Reliance acquires controlling stake of 73.37 per cent in New York’s Mandarin
– World Affairs SRS
Reliance Industries Limited (RIL) has announced the acquisition of a controlling stake of 73.37% In Mandarin Oriental New York, A premium luxury hotel in Midtown Manhattan. RIL through its wholly owned arm Reliance Industrial Investments and Holdings Limited has acquired the entire share capital of Columbus Center Corporation (Cayman) based in Cayman Islands for an equity value of approx. $98.15 million (Rs 735 crore).
Cayman is the parent company of Mandarin Oriental Hotels. It had indirect ownership of 73.37 per cent stake in the hotel. Reliance will also take on hotel debt of more than $115 million, taking the value of the entire deal to around $270. The transaction is estimated to close by the end of March 2022.
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