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).
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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:
Former Mohun Bagan president Swapan Sadhan Bose, popularly known as “Tutu Bose”, passed away at…
N. Rangasamy has taken the oath as Chief Minister of Puducherry and this marks his…
Retail inflation of India has increased slightly to 3.48% in April 2026 because of the…
The Indian Cyber Crime Coordination Centre has signed the MoU (Memorandum of Understanding) with the…
Moody's Ratings had downgrade the India's GDP forecast for the year 2026 amid certain reasons. This…
Respectable Supreme Court of India has taken the step towards the modernization of judicial services…