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HSBC Holdings Plc, the London-based banking giant, has significantly increased the size of a loan facility provided to a subsidiary of Indian billionaire Mukesh Ambani's Reliance Industries, signalling a strong vote of confidence in Asia's wealthiest individual. Originally, HSBC extended a £60 million ($73 million) loan facility to the Reliance subsidiary shortly after the acquisition of Stoke Park estate in southeast England for £57 million in 2021, according to UK registry filings. Over the past few years, the bank has three times extended the arrangement, with the most recent increase, disclosed in December, bringing the total to £115 million.
HSBC has been deeply involved in financing arrangements related to Stoke Park, a sprawling 300-acre leisure property in Buckinghamshire that boasts a championship golf course and has famously served as the backdrop for two James Bond films. Mukesh Ambani's conglomerate is now in the midst of an extensive renovation project for Stoke Park, marking a significant move away from the energy sector that has been the bedrock of his immense wealth. The renovation plans include replacing the roof of the Georgian-era mansion, now a luxury hotel, constructing seven-star villas, and eliminating surface-level parking.
Ambani, aged 66, holds a prominent position as the 11th-richest person globally, largely owing to his significant stake in Reliance, India's most valuable company, as per the Bloomberg Billionaires Index.
Representatives for both HSBC and Reliance declined to comment on this development. HSBC and Mukesh Ambani's companies have a history of collaboration, ranging from blockchain-enabled transactions to initiatives aimed at expediting business operations in India. In June, they executed a derivatives contract shortly after India opened up enhanced currency-hedging opportunities for banks.
HSBC is placing its bets on India to expand its global business and has joined other major firms in bolstering wealth-management operations within the country. Over the past few years, several high-ranking HSBC executives, including CEO Noel Quinn, have made visits to India and held discussions with Ambani and other prominent figures among Asia's wealthiest individuals.
Reliance, a conglomerate with diverse interests spanning from retail to refining, acquired Stoke Park as part of its strategic shift towards consumer-focused offerings. Prior to this, it purchased the UK-based toy-store chain Hamleys in 2019 and expanded its presence in India. It also acquired an indirect stake in the prestigious Mandarin Oriental New York hotel.
In recent developments, Reliance inked an agreement with hospitality firm Oberoi Hotels & Resorts to help manage assets, including Stoke Park, which has made appearances in iconic James Bond movies like "Goldfinger" and "Tomorrow Never Dies." More recently, the estate served as a prominent location for "The Crown," Netflix's acclaimed drama series portraying the British royal family.
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