Quartz
Reliance went on a luxury shopping trip in New York over the weekend
On Jan. 8, Reliance Industries (RIL) announced that it is buying a 73.37% share in New York City’s Mandarin Oriental luxury hotel for $98.15 million from Columbus Centre Corp, a subsidiary of the Investment Corporation of Dubai (pdf). The transaction is expected to conclude by the end of March, pending regulatory approval, the Indian firm said in a filing to the BSE (pdf). In the event the remaining owners of Mandarian Oriental decide to participate in the sale transaction, Reliance would be able to acquire the remaining 26.63% share, based on the “same valuation used for the acquisition of the indirect 73.37% stake,” said the filing.
