India’s Reliance to acquire control of Mandarin Oriental New York for $98m

Photo: Reuters

Indian conglomerate Reliance Industries Ltd is paying nearly $100 million for a controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan, through the purchase of its Cayman Islands-based parent.

Reliance said in a stock exchange filing on Saturday its industrial investments subsidiary will acquire Cayman Islands-based Columbus Centre Corp (Cayman) for an equity value of approximately $98.15 million.

The company said the acquisition of Columbus Centre Corp (Cayman), an indirect owner of a 73.37% stake in Mandarin Oriental New York, by Reliance Industrial Investments and Holdings Ltd would add to its consumer and hospitality activities.

The closing of the transaction is anticipated by the end of March 2022, the company said.

It added that in the event other owners of the hotel elect to participate in the transaction, its subsidiary would acquire the remaining 26.63% stake, based on the same valuation used for the acquisition of the indirect 73.37% stake. (Reporting by Shivam Patel in Bengaluru; Editing by David Holmes)

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.