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Business deals

India's Reliance to buy control of Mandarin Oriental NY for $98m

Mukesh Ambani's Reliance Industries will buy a controlling stake in Mandarin Oriental New York, which is located by Central Park in Manhattan.   © Reuters

Indian conglomerate Reliance Industries Ltd is paying nearly $100 million for a controlling stake in Mandarin Oriental New York, a five-star hotel in midtown Manhattan, through the purchase of its Cayman Islands-based parent.

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