Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has entered into an settlement to amass all the share capital of Columbus Centre Corporation, Cayman Islands, for an fairness consideration of $98.15 million (Rs 735 crore).
Columbus Centre is the oblique proprietor of a 73.37 per cent stake in Mandarin Oriental New York, one of many premium luxurious motels in New York City.
Set up in 2003, Mandarin Oriental New York is an iconic luxurious resort situated at 80 Columbus Circle, immediately adjoining to the pristine Central Park and Columbus Circle, learn a submitting by RIL on Saturday.
If the opposite homeowners of the resort determine to take part within the sale transaction, RIIHL would purchase the remaining 26.63 per cent, primarily based on the identical valuation used for the acquisition of the oblique 73.37 per cent stake.
Mandarin Oriental had revenues of $115 million in 2018, $113 million in 2019 and $ 15 million in 2020. This acquisition will add to the buyer and hospitality footprint of the Reliance group.
The group already has investments in EIH Ltd (Oberoi Hotels), Stoke Park Ltd within the UK and is growing state-of-the-art conference centre, resort and managed residences in BKC Mumbai, the submitting added.
The closing of the transaction is anticipated to happen by the tip of March and is topic to sure customary regulatory and different approvals and the satisfaction of sure different circumstances.
