Mukesh Ambani’s stake in New York’s Mandarin Oriental makes him the latest Indian tycoon to invest in overseas hotels

India’s Reliance Industries, owned by Asia’s second richest man Mukesh Ambani, has agreed to buy an indirect 73.37 per cent stake worth US$98 million in New York City’s Mandarin Oriental hotel.It’s the second big ticket purchase in the hospitality sector by Reliance, an oil-to-telecoms conglomerate, that last year bought Stoke Park, which owns and manages a hotel and sports and leisure facilities in Britain’s Buckinghamshire.Ambani, 65, also has stakes in India’s premier hotel chain – the…


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