Reliance to buy control of New York's Mandarin Oriental hotel for $98 mn

Company says the acquisition will help the group increase its consumer and hospitality footprint.

Reliance Industries Ltd is paying nearly $100 million for a controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan, through the purchase of its Cayman Islands-based parent.

Reliance said in a stock exchange filing on Saturday its industrial investments subsidiary will acquire 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 Oriental New York, by Reliance Industrial Investments and Holdings Ltd would add to its consumer and hospitality activities. The