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(Reuters) – Indian conglomerate Reliance Industries Ltd is paying practically $100 million for a controlling stake in Mandarin Oriental New York, a five-star resort in midtown Manhattan, by the acquisition of its Cayman Islands-based father or mother.
Reliance mentioned in a inventory alternate submitting on Saturday its industrial investments subsidiary will purchase Cayman Islands-based Columbus Centre Corp (Cayman) for an fairness worth of roughly $98.15 million.
The corporate mentioned the acquisition of Columbus Centre Corp (Cayman), an oblique proprietor of a 73.37% stake in Mandarin Oriental New York, by Reliance Industrial Investments and Holdings Ltd would add to its client and hospitality actions.
The closing of the transaction is anticipated by the tip of March 2022, the corporate mentioned.
It added that within the occasion different house owners of the resort elect to take part within the transaction, its subsidiary would purchase the remaining 26.63% stake, based mostly on the identical valuation used for the acquisition of the oblique 73.37% stake.
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