India’s Reliance Industries Ltd has agreed to purchase a controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan, through the purchase of its Cayman Islands-based parent for $98 million.

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

The acquisition will add to its consumer and hospitality businesses.

The deal is scheduled to close by March 2022.

In the event other owners of the hotel elect to participate in the transaction, Reliance industries’ investments subsidiary would acquire the remaining 26.63% stake, based on the same valuation used for the acquisition of the indirect 73.37% stake.

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Tags: acquisition, Cayman Islands, Columbus Centre Corp, consumer, controlling stake, deal, equity value, Five Star, hospitality businesses, hotel, India, Indian, industrial investments subsidiary, M&A, Mandarin Oriental New York, Manhattan, merger, parent, Reliance Industries Ltd