HSBC increases Stoke Park loan to ?115 mn for Ambani's Reliance
19 Oct 2023
2 Min Read
CW Team
HSBC Holdings Plc has significantly increased its loan arrangement for a subsidiary of Indian billionaire Mukesh Ambani?s Reliance Industries, signalling its confidence in Asia?s wealthiest individual. Originally providing a ?60 million ($73 million) loan facility for Reliance Industries' subsidiary shortly after its 2021 acquisition of the Stoke Park estate in southeast England for ?57 million, HSBC has extended the arrangement three times. The latest disclosed increase in December brought the total to ?115 million.
For over a decade, HSBC has been involved in financing Stoke Park, a sprawling 300-acre Buckinghamshire leisure property boasting a championship golf course and featured in two James Bond films. Ambani?s conglomerate is currently renovating Stoke Park, a pivotal asset in its shift away from the energy sector that has been the foundation of Ambani?s wealth. Renovation plans include replacing the roof of the property?s Georgian-era mansion, now a luxury hotel, constructing seven-star villas, and eliminating surface-level parking.
Mukesh Ambani, 66, stands as the 11th-richest person globally due to his significant stake in Reliance, India?s most valuable company. HSBC and Ambani?s companies have a history of collaboration, spanning various initiatives such as blockchain-enabled transactions and derivatives contracts. The bank is focusing on India to expand its global business and has bolstered its wealth-management operations in the country. Notably, senior HSBC executives, including CEO Noel Quinn, have engaged with Ambani and other influential figures in Asia?s business landscape during visits to India.
Reliance Industries, a diverse conglomerate, acquired Stoke Park as part of its strategic shift toward consumer offerings. In addition to Stoke Park, Reliance has expanded its portfolio by acquiring the UK-based toy-store chain Hamleys in 2019 and an indirect stake in the prestigious Mandarin Oriental New York hotel. Moreover, Reliance recently partnered with hospitality firm Oberoi Hotels & Resorts to manage assets, including Stoke Park, a location renowned for its appearances in James Bond films and Netflix?s series, The Crown.
HSBC Holdings Plc has significantly increased its loan arrangement for a subsidiary of Indian billionaire Mukesh Ambani?s Reliance Industries, signalling its confidence in Asia?s wealthiest individual. Originally providing a ?60 million ($73 million) loan facility for Reliance Industries' subsidiary shortly after its 2021 acquisition of the Stoke Park estate in southeast England for ?57 million, HSBC has extended the arrangement three times. The latest disclosed increase in December brought the total to ?115 million.
For over a decade, HSBC has been involved in financing Stoke Park, a sprawling 300-acre Buckinghamshire leisure property boasting a championship golf course and featured in two James Bond films. Ambani?s conglomerate is currently renovating Stoke Park, a pivotal asset in its shift away from the energy sector that has been the foundation of Ambani?s wealth. Renovation plans include replacing the roof of the property?s Georgian-era mansion, now a luxury hotel, constructing seven-star villas, and eliminating surface-level parking.
Mukesh Ambani, 66, stands as the 11th-richest person globally due to his significant stake in Reliance, India?s most valuable company. HSBC and Ambani?s companies have a history of collaboration, spanning various initiatives such as blockchain-enabled transactions and derivatives contracts. The bank is focusing on India to expand its global business and has bolstered its wealth-management operations in the country. Notably, senior HSBC executives, including CEO Noel Quinn, have engaged with Ambani and other influential figures in Asia?s business landscape during visits to India.
Reliance Industries, a diverse conglomerate, acquired Stoke Park as part of its strategic shift toward consumer offerings. In addition to Stoke Park, Reliance has expanded its portfolio by acquiring the UK-based toy-store chain Hamleys in 2019 and an indirect stake in the prestigious Mandarin Oriental New York hotel. Moreover, Reliance recently partnered with hospitality firm Oberoi Hotels & Resorts to manage assets, including Stoke Park, a location renowned for its appearances in James Bond films and Netflix?s series, The Crown.
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