Ambani’s conglomerate, Reliance Industries, on Saturday announced the acquisition of the hotel’s parent company, a Cayman Islands-based firm controlled by Investment Corporation of Dubai. This company indirectly has an ownership interest of 73.4% in the property.
The agreement is expected to end at the end of March. Reliance said it would plan to acquire the remaining stake based on the same valuation if the hotel’s other owners choose to sell their shares as well.
Located near Central Park and overlooking Columbus Circle, this iconic hotel is a Reliance tent.
Reliance currently owns shares in Oberoi Hotels, a collection of five-star resorts across India and six other countries, as well as Stoke Park, a famous English country club.