The Ritz-Carlton Hotel Company has entered into an agreement with a consortium led by Oberoi Realty and Sahana Group to unveil the first Ritz-Carlton hotel in Mumbai in early 2017.

The 238-room Ritz-Carlton is slated to be located in Worli, a thriving new business district with easy access to the international airport.

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Designed as a tribute to modern India, The Ritz-Carlton, Mumbai forms part of a mixed-use development in a high-rise tower with luxury residential spaces.

A second tower has been designated for luxury residential condominiums managed by The Ritz-Carlton.

"By partnering with The Ritz-Carlton, we continue to cement the reputation of the city on the world stage and within the local market."

Facilities at the new hotel will include two speciality and fine dining restaurants, a Ritz-Carlton Spa and extensive banquet and meeting spaces for the high-profile events and society weddings.

The Ritz-Carlton Hotel president and chief operating officer Herve Humler said, "This site offers everything hotel guests could want – a prime business location, stylish and contemporary design in this historically rich and vibrant city."

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Oberoi Realty chairman and managing director Vikas Oberoi said, "Mumbai is one of the great gateways of the world and by partnering with The Ritz-Carlton, we continue to cement the reputation of the city on the world stage and within the local market. This leading global luxury hospitality brand will resonate strongly with guests both locally and overseas."

Established in 1983, The Ritz-Carlton currently has 85 hotels worldwide in 30 countries.