Indian group buys luxury London hotel

The conglomerate, Sahara India Pariwar, has bought London's luxurious Grosvenor House hotel from state-rescued Royal Bank of Scotland for 470 million pounds (545 million euros, 728 million dollars).

"We are extremely happy to announce Grosvenor House joining the Sahara family," Sahara Group chairman Subrata Roy Sahara said in a statement published Thursday.

"The valuation of the hotel, three years back was more than 1.0 billion pounds. The valuation, even today is quite high but due to highly satisfactory due diligence by the Royal Bank of Scotland who owned the property and after long and strict negotiations, we have purchased it for 470 million pounds."

Grosvenor House, located in London's upmarket Mayfair district, has 420 rooms, 74 suites and 27 meeting rooms.