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Reliance subsidiary to acquire 73.37% stake in luxury hotel Mandarin Oriental New York

RIL said the acquisition will add to the consumer and hospitality footprint of the group which already has investments in EIH Ltd and Stoke Park Limited in UK.

Reliance Industries Ltd (RIL) on Saturday said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Limited (RIIHL) has signed an agreement to acquire a 73.37 per cent stake in Mandarin Oriental New York, one of the premium luxury hotels in New York City.

Under the agreement, RIIHL will acquire the entire issued share capital of 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, for an equity consideration of approximately $98.15 million.

“The closing of the transaction is anticipated to occur by the end of March 2022 and is subject to certain customary regulatory and other approvals and the satisfaction of certain other conditions,” RIL said in an exchange filing.

The acquisition, it said, will add to the consumer and hospitality footprint of the group which already has investments in EIH Ltd (Oberoi Hotels), Stoke Park Limited in the UK and is developing a state-of-the-art convention centre, hotel and managed residences in BKC Mumbai.

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