Indian conglomerate Sahara India Pariwar now owns a majority stake in New York's Plaza Hotel, which is bought from Israeli real estate company El Ad US Holding Inc. El Ad CEO Udi Erez said on Wednesday that the transaction, valued at $575 million, closed on Monday.
The deal, announced in July, gives Sahara India Pariwar a 75 percent interest in the Plaza Hotel and adjacent retail space. Kingdom Holding Co., headed by Saudi billionaire Prince Alwaleed bin Talal, retains the remaining 25 percent stake in the property.
Fairmont Hotels & Resorts will continue to operate the hotel under a long-term agreement. An email seeking comment from Sahara India Pariwar was not immediately returned. The Plaza has a colorful past, having hosted guests such as Eleanor Roosevelt, The Beatles and Mark Twain.
Higher prices of foodstuff such as cereals and vegetables continue to put pressure on India's overall inflation rate, the Reserve Bank of India (RBI) said Monday.
Reserve Bank today kept the key interest rates unchanged citing elevated food inflation, rupee depreciation and uncertainty over foreign fund inflows
KTS announced a 10.50 per cent hike in bus fares to mop up an additional Rs 186.72 crore annually.
The rupee on Friday strengthened by 35 paise to 57.63 against the dollar in early trade.
Growth in India is projected to rise to 5.7 percent in the 2013 fiscal year and firm to 6.5 percent and 6.7 percent in FY2014 and FY2015, respectively
Chidambaram announced that the government plans to announce more reforms.
Falling for the third straight month, retail inflation stood at 9.31 per cent in May due to easing of prices of edible oil and protein-based items.