The Sahara Group is in exclusive talks to acquire The Plaza, a 105-year-old landmark property in New York whose guests have included Marilyn Monroe and the Beatles, for around $600 million (Rs 3,000 crore).
Sahara, which bought the Grosvenor House hotel in December 2010 for $726 million, is carrying out a due diligence of the asset and has paid an advance to the property's owners, Israel's El Ad group.
A deal, if the negotiations succeed, will be executed through Sahara's Mauritius-based subsidiary Aamby Valley (Mauritius). deal with The Plaza will confirm the Indian conglomerate's continuing fascination with overseas expansion, which has left many Sahara watchers in India curious and bemused given that the group's mainstay businesses have been finance, real estate and media.