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Mukesh Ambani Got Richer Amidst The Pandemic

Mukesh Ambani Got Richer Amidst The Pandemic
Photo Courtesy: Indian Times

Mukesh Ambani, Asia’s richest man, is set to buy a majority stake in Mandarin Oriental, a luxury hotel in New York city, USA, for just Rs 644 crore even when the world is in danger due to COVID, Mukhesh Ambani’s wealth up by 75% during the pandemic. Indeed, Mukesh Ambani got richer amidst the pandemic.

Hotel Mandarin Oriental owns 73.4% of the company, a Cayman Islands-based company owned by Dubai Investment Corporation. Ambani’s Reliance Industries will acquire the hotel from the company for 96.2 million. The acquisition is expected to complete by the end of March 2022.

However, Ambani’s company is keen to take full ownership of the hotel. Reliance said the acquisition would be planned based on the same valuation if other hotel owners wanted to sell their shares. The Mandarin Oriental Hotel Group owns 25 percent of the hotel.

Mandarin Oriental Hotel
Mandarin Oriental Hotel, New York

In 2008, the property of Mandarin Oriental Hotel was valued at 340 million USD. As such, Reliance will get the hotel at a considerable discount. It is because of the global coronavirus infection. Whatever the cost, ownership of the hotel, located near New York Central Park, is expected to be a significant achievement for Reliance.

Mandarin Oriental, like most hotels, has suffered considerable losses in the last two years. The New York hotel earned 115 million and 113 million in 2016 and 2019, respectively, but only 1.5 million in 2020 after the outbreak began.

After owning fuel, petrochemicals, natural gas, telecommunications, textiles, retail, and technology, Mukesh Ambani’s Reliance fleet will now have ‘Consumer and Hospitality Services.’ The company has already purchased luxury properties in several locations, including India and the United Kingdom. In addition, the Reliance Group of India is acquiring Mandarin Oriental to continue.

In recent months, the wealth of Indian billionaire Ambani has increased. According to the Bloomberg Billionaires Index, his current net worth is 9.29 trillion. He is the No. 1 most prosperous person in India and the 11th richest person globally.

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