Reliance Industries Limited’s RIIHL purchases whole issued share capital of Columbus Centre Corporation

In accordance with the terms of the deal, RIIHL will pay approximately $98.15 million

On Saturday, Reliance Industries Ltd. (RIL) published more information, which included the fact that RIL’s wholly-owned subsidiary, Reliance Industrial Investments, and Holdings Limited, had entered into an agreement to buy the whole issued share capital of Columbus Centre Corporation.

RIL made the announcement earlier on January 8, 2022, that its subsidiary RIIHL had signed a contract to purchase a 73.37 percent share in the Mandarin Oriental New York, which is regarded as one of the most opulent hotels in the city of New York.

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A business that is established in the Cayman Islands and is the indirect owner of a 73.37 percent ownership in Mandarin Oriental New York is called Columbus Centre Corporation (Cayman). Under the terms of the deal, RIIHL will purchase the whole issued share capital of Columbus Centre Corporation (Cayman), which is equivalent to an equity consideration of about $98.15 million.

“This is further to our disclosure dated January 8, 2022, intimating that Reliance Industrial Investments and Holdings Limited (“RIIHL”), a wholly-owned subsidiary of Reliance Industries Limited (“RIL”), had entered into an agreement to acquire the entire issued share capital of Columbus Centre Corporation. As per the agreement, such an acquisition could be done by RIIHL or any other subsidiary of RIL. We wish to inform you that, post receipt of approval from regulatory authorities, Reliance Strategic Business Ventures Limited (“RSBVL”), a wholly-owned subsidiary of RIL, on May 12, 2023, completed the transaction,” said RIL in an official filing.