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Indian hotels in strategic partnership with Singapore's sovereign wealth fund GIC

ANI 

Tata group-led on Friday signed a strategic partnership with Singapore's for an framework to the tune of Rs 4,000 crore over a period of three years.

The capital platform will be used to acquire fully operational hotels mainly in the luxury, upper upscale and upscale segments in

It allows the hospitality company to pursue acquisitions in an asset-light format, with the equity contribution from Indian hotels at 30 per cent and the balance contributed by in the next three years.

The acquisitions are intended to be housed in a separate special purpose vehicle with its own funding. The hotels acquired within the framework will be managed by Indian Hotels under its marquee brands.

This framework will complement Indian hotel's current growth aspirations via management contracts. In February 2018, Indian hotels had outlined a development strategy 'Aspiration 2022' to drive its inventory growth.

Through this strategy, the company aspires to create greater enterprise value and make Indian Hotels South Asia's most profitable and hospitality company.

Indian Hotels owns brands like Taj, SeleQtions, Vivanta, The Gateway, Ginger, Expressions and TajSATS.

Government of Corporation (GIC) is a established in 1981 to manage Singapore's foreign reserves. is a global long-term investor with over 100 billion US dollars in assets in over 40 countries worldwide.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 17 2019. 15:38 IST
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