Reliance To Acquires 73.37 Percent In New York's Mandarin Oriental Hotel

New Delhi: Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has entered into an agreement to acquire the entire share capital of Columbus Centre Corporation, Cayman Islands, for an equity consideration of $98.15 million (Rs 735 crore).

Columbus Centre Corporation (Cayman), a company incorporated in the Cayman Islands and the indirect owner of a 73.37 per cent stake in Mandarin Oriental New York city.

Set up in 2003, Mandarin Oriental New York is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle, read a filing by RIL on Saturday.

In the event that the other owners of the hotel elect to participate in the sale transaction, RIIHL would acquire the remaining 26.63 per cent, based on the same valuation used for the acquisition of the indirect 73.37 per cent stake.

''This acquisition will add to the consumer and hospitality footprint of the group. The group already has investments in EIH Ltd (Oberoi Hotels), Stoke Park Limited in UK and is developing state-of-the-art convention centre, hotel and manged residences in BKC Mumbai, the filing further read.

The closing of the transaction is anticipated to occur by the end of March and is subject to certain customary regulatory and other approvals and the satisfaction of certain other conditions.

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