2735 -Reliance to buy control of 5-star hotel in New York in a $98 million deal

Mukesh Ambani's Reliance Industrial Investments and Holdings Limited (RIIHL) is buying a luxury 5-star hotel in New York's Manhattan in a $98.15 million deal. RIIHL will buy Columbus Centre Corporation, the indirect owner of a 73.37% stake in Mandarin Oriental, New York. RIIHL would acquire the remaining 26.63% stake if other owners of the hotel participate in the sale transaction.