RIYADH: Indian tycoon Mukesh Ambani’s Reliance Industries has announced the acquisition of a 73.4 percent stake in New York’s hotel Mandarin Oriental hotel for $98 million. Reliance Industrial Investments and Holdings, the wholly-owned subsidiary of Reliance Industries, will buy the entire stake of Columbus Centre Corp. that indirectly owns the stake in the property, Bloomberg reported. The company also plans to purchase the hotel"s remaining stake at the same valuation from other owners - if they decide to participate in a sale transaction. The closing of the transaction is expected to occur by the end of March. Last April, Reliance Industries purchased Stoke Park Ltd., which operates a hotel and leisure facilities in the UK for $79 million. This comes amid the company"s efforts to move away from dependence on oil-refining profits.