Indian Conglomerate Mukesh Ambani Annexes 73.37 Percent Of New York's Mandarin Oriental, Disburses Rp. 1,400 Trillion?

Conglomerate Mukesh Ambani. (Photo: Doc. Forbes)

JAKARTA - India's richest man, conglomerate Mukesh Ambani has acquired a 73.37 percent stake in New York's Mandarin Oriental. This acquisition was carried out indirectly with a fantastic value, 98.15 billion US dollars or around Rp. 1,400 trillion.

Quoted from Bloomberg, Sunday, January 9, Mukesh Ambani's action was conveyed through a submission by Reliance Industries. The purchase of shares will be carried out by its unit, Reliance Industrial Investments and Holdings.

The unit, which is wholly owned by Reliance Industries, will buy all of the share capital issued by Columbus Center Corp, a company incorporated in the Cayman Islands, which indirectly owns a stake in the luxury hotel.

The company also said it would annex the remaining 26.63 percent of other owners at the same share price. The transaction is expected to be completed by the end of March.

Mukesh Ambani is the 11th richest person in the world according to the Bloomberg Billionaires Index with a total net worth of 92.9 billion US dollars. The Mumbai-based conglomerate's other business networks include 4G wireless networks across India and US$400 million worth of private property.

Meanwhile, Mandarin Oriental New York is one of 35 hotels operated by Mandarin Oriental Hotel Group in 24 countries.