Reliance Industries, the Indian conglomerate controlled by billionaire Mukesh Ambani, has agreed to buy an indirect 73.37 per cent stake in Mandarin Oriental New York for $98.15 million as it seeks to expand its investment portfolio beyond its petrochemicals business.
Reliance Industrial and Holdings Limited, a wholly owned subsidiary of Reliance Industries, entered into an agreement to acquire the entire issued share capital of Columbus Centre Corporation, a company incorporated in the Cayman Islands and the indirect owner of the stake in the luxury hotel, the company said in a statement on Saturday to the Bombay Stock Exchange where its shares are traded.
The transaction is anticipated to close by the end of March 2022 and is subject to customary regulatory and other approvals, according to the filing.
The company said it also plans to buy the remaining stake from other owners at the same valuation.
“In the event that the other owners of the hotel elect 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,” Reliance Industries said.
This acquisition will add to the group's consumer and hospitality footprint, Reliance said.
The group already has investments in Indian hotel operator EIH Ltd (the Oberoi Group’s flagship company), Stoke Park in the UK and is developing a convention centre, hotel and managed residences in Mumbai’s Bandra Kurla Complex business district, the company said in the statement.
Earlier this week, Reliance Industries bought a 25.8 per cent stake in Bangalore-based delivery company Dunzo for $200m in a move to boost its retail portfolio.
In the event that the other owners of the hotel elect to participate in the sale transaction, RIIHL would acquire the remaining 26.63 per cent
Reliance Industries
Set up in 2003, Mandarin Oriental New York is a luxury hotel at 80 Columbus Circle, adjacent to Central Park.
The hotel has won many influential awards including that of AAA Five Diamond Hotel, Forbes Five Star Hotel and Forbes Five Star Spa, among others, according to the exchange filing.
The property had revenue of $115m in 2018, $113m in 2019, which fell to $15m in 2020 during the Covid-19 pandemic.
Reliance Industries raised $4 billion from a three-tranche US dollar bond issuance this month to refinance its existing debt. It raised $1.5bn in a 10-year tranche, $1.75bn in a 30-year tranche and $750m in a 40-year deal, Reliance told the Bombay Stock Exchange.
The latest announcement from Reliance comes as the company plans to expand its operations globally to boost growth. Last year, it formed a wholly owned subsidiary in the UAE that will trade oil, petroleum, petrochemical products and agricultural commodities.
Other recent investments by the company include $144m in US energy storage company Ambri along with other investors including Paulson & Co and US billionaire Bill Gates.
Reliance New Energy Solar, a wholly owned unit of Reliance Industries, will also buy the UK’s Faradion, a sodium-ion battery technology business, for an enterprise value of £100m ($135m).
It also bought a stake in a high-end fashion brand owned by Indian designer Manish Malhotra last year as part of its expansion plans.
Company%20profile
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More coverage from the Future Forum
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Florida: The critical Sunshine State
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
UAE currency: the story behind the money in your pockets
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
