INSUBCONTINENT EXCLUSIVE:
Reliance Industries is buying a majority stake in New York's Mandarin Asian HotelReliance Industries Limited (RIL) is paying nearly $100
million for a controlling stake in Mandarin Oriental New York City, a first-class hotel in midtown Manhattan, through the purchase of its
Cayman Islands-based parent.Reliance said in a stock exchange filing on Saturday (January 8) that its industrial investments subsidiary will
obtain Cayman Islands-based Columbus Centre Corp (Cayman) for an equity value of approximately $98.15 million.The company said the
acquisition of Columbus Centre Corp (Cayman), an indirect owner of a 73.37 per cent stake in Mandarin Asian New York, by Reliance Industrial
Investments and Holdings Ltd would add to its customer and hospitality activities.The closing of the transaction is anticipated by the end
of March 2022, the business said.It added that in case other owners of the hotel choose to take part in the deal, its subsidiary would
acquire the staying 26.63 percent stake, based upon the exact same valuation used for the acquisition of the indirect 73.37 per cent
stake.Set up in 2003, Mandarin Asian, New York City is a renowned luxury hotel situated at 80 Columbus Circle, straight surrounding to the
pristine Central Park and Columbus Circle.
