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.
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The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
Zayed Sustainability Prize
Company%20Profile
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The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
UAE currency: the story behind the money in your pockets
ON%20TRACK
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Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Andor
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
UAE currency: the story behind the money in your pockets
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
More from Rashmee Roshan Lall
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million