Reliance Industrial Investments and Holdings Limited, a wholly-owned subsidiary of Reliance Industries Ltd (RIL), has entered into an agreement to acquire the entire share capital of Columbus Centre Corporation, Cayman Islands, for an equity consideration of $98.15 million (Rs 735 crore).
Columbus Centre is the indirect owner of a 73.37 per cent stake in Mandarin Oriental New York, one of the premium luxury hotels in New York City.
Set up in 2003, Mandarin Oriental New York is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle, read a filing by RIL on Saturday.
If the other owners of the hotel decide to participate in the sale transaction, RIIHL would acquire the remaining 26.63 per cent, based on the same valuation used for the acquisition of the indirect 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 consumer and hospitality footprint of the Reliance group.
