Reliance Industries Ltd entered into an agreement to acquire New York's premium luxury hotel Mandarin Oriental for $ 98.15 million. The Reliance Industrial Investments and Holdings Limited (RIIHL) announced that the acquisition was intended to add the consumer and hospitality footprint of the group.

"Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), entered into an agreement to acquire the entire issued share capital of Columbus Centre Corporation (Cayman), a company incorporated in the Cayman Islands and the indirect owner of a 73.37 per cent stake in Mandarin Oriental New York, one of the premium luxury hotels in New York City for an equity consideration of approximately USD 98.15 million," the firm said in a stock exchange filing.

"This acquisition will add to the consumer and hospitality footprint of the group. The group already has investments in EIH Ltd (Oberoi Hotels), Stoke Park Limited in the UK and is developing a state-of-the-art convention centre, hotel and managed residences in BKC Mumbai," it added stating that 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.