• Mukesh Ambani buys luxury hotel for $98.15 million, second purchase in less than a year


    Digital Desk: Mukesh Ambani, one of the country's richest man and a billionaire businessman, in less than a year, bought another hotel. Reliance Industries Limited has announced the purchase of the Mandarin Oriental, New York's historic luxury hotel, for $98.15 million, which in Indian rupees is about Rs. 728 crores.

    The Mandarin Oriental, built-in 2003, is a prominent luxury hotel located at 80 Columbus Circle in New York, close to Central Park and Columbus Circle. Notably, this is Reliance's second purchase in less than a year.

    Previously, Reliance Retail, the retail arm of Reliance Industries Limited, purchased a 25.8 percent stake in the sector company, Dunzo, for approximately Rs 1488 crore in order to strengthen its presence in the online grocery delivery business.

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    In a statement, the companies said that Dunzo had recently raised $240 million, led by Reliance Ventures Limited (RRVL) as part of a fund raising program.

    According to a stock exchange filing, Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has issued shares of Columbus Center Corporation (Cayman) for an equity return of approximately $98.1 million. The capital was acquired through a deal.

    It is a Cayman Islands-based corporation that owns 73.37 percent of Mandarin Oriental New York indirectly. The Mandarin Oriental is one of New York City's most prestigious luxury hotels.

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