Mukesh Ambani, India’s wealthiest man has gained a controlling stake in the Mandarin Oriental Hotel in New York City for $98.2 million.

Initially, Mukesh Ambani invested a heavy amount in delivery app Dunzo, which is facing keen competition from Amazon and Swiggy Instamart. After getting his cards in place in the quick-delivery market, Ambani decided to acquire something more extravagant: an acquisition that will also make him a direct competitor with Tata– a battle that will be fought on foreign land.

Ambani’s conglomerate, Reliance Industries, announced the acquisition of the hotel’s parent company, a Cayman Islands-based firm controlled by the Investment Corporation of Dubai, which indirectly holds a 73.4 percent stake. The agreement is expected to close by the end of March.

Reliance said if the hotel’s other owners wish to sell their shares, it would try to acquire the remaining stake based upon the same valuation.

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