(Bloomberg) — Mukesh Ambani’s Reliance Industries has agreed to buy an indirect 73.37% stake in Mandarin Oriental New York for $98.15 million, Reliance says in a filing Saturday.
Reliance Industrial Investments and Holdings, a wholly owned unit of Reliance Industries, will buy the entire issued share capital of Columbus Centre Corp., a company incorporated in the Cayman Islands, which indirectly owns the stake in the luxury hotel.
The company said it will also seek to buy the remaining 26.63% from other owners at the same valuation. The transaction is expected to close by the end of March.
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