Reliance Industries Ltd (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 Cayman Islands-based Columbus Centre Corporation (Cayman), for an equity value of approximately $98.15 million (Rs 735 crore).
Cayman is the parent company of Mandarin Oriental hotel. It had indirect ownership of a 73.37 per cent stake in the hotel. Reliance will also take over the hotel’s debt in excess of $115 million to take the entire deal value to around $270. The transaction is anticipated to close by the end of March 2022.
Important takeaways for all competitive exams:
- Reliance Industries Ltd CEO: Mukesh Ambani (31 Jul 2002–);
- Reliance Industries Ltd Founder: Dhirubhai Ambani;
- Reliance Industries Ltd Founded: 8 May 1973, Maharashtra;
- Reliance Industries Ltd Headquarters: Mumbai.