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Sahara Group Buys New York Plaza Hotel for Rs. 3150 Crores

A 1052-year old luxury hotel in New York is bought by India’s Sahara Group. The latter company had agreed to buy a controlling stake in the New York’s landmark Plaza Hotel. The cost of this purchase is about $570 million (Approx. Rs. 3150 Crores).

Sahara Group Logo

Sahara Group

The Plaza Hotel is being owned by an Israeli real estate company and Saudi-based Kingdon holdings Co. Elad, is controlled by a businessman in the name of Yitzhak Tshuva where he will be receiving around $400 million of the amount and the rest would go to Kingdom Holding.

Kingdom is the investment vehicle of the Saudi billionaire Prince who is Alwaleed bin Talal. This is surely a good move of the Sahara group since it would be able to increase its asset with it. This purchase also shows that companies in India are competitive worldwide being able to do such large amount of purchase. India definitely have some of the best companies in the whole world.

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