Reliance Industries Ltd. will be soon a major stakeholder of the Mandarin Oriental in New York City’s Manhattan. The India-based company owned by Mukesh Ambani is set to acquire 73.4% of the shares. Here is all you need to know about the overseas deal:

-Reliance Industrial Investments and Holdings Limited– which is a subsidiary of Reliance Industries Ltd– will be taking over 73.4% of the stake in the New York property.

-Media reports citing a statement from Reliance Industries suggest that the company is also open to the idea of taking over 100% of the stake.

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-The stake has been taken over for the sum of $98.1 million, according to reports from PTI.

-Reliance’s stock exchange filing said that Mayer Brown LLP was the legal counsel for Reliance on the transaction.

Reliance also has about one-fifth of the stake in Oberoi Hotels’ flagship company EIH Ltd, marking its presence in the luxury and hospitality sector. Other favourite destinations of the company include the United Kingdom and the United States among other western countries.

Mandarin Oriental New York has global recognition and has won several influential awards, including AAA Five Diamond Hotel, Forbes Five Star Hotel, and Forbes Five Star Spa, among others. It had revenues of USD 115 million in 2018, USD 113 million in 2019 and USD 15 million in 2020, according to the Reliance filing.

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Mandarin Oriental New York is known for its much-in-demand ballroom, five-star spa and eating and drinking venues, including MO Lounge. Liam Neeson and Lucy Liu are among regular guests.

Set up in 2003, 248-rooms-and-suites hotel towering over Central Park is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle.