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Indian Hotels Co enters into strategic partnership with Government of Singapore Investment Corporation (GIC)

Capital Market 

has signed a strategic partnership with Singapore's sovereign wealth fund, for an investment framework to the tune of about Rs. 4000 crore or USD 600 million over a period of three years from the date of signing.

This capital platform will be used to acquire fully operational hotels mainly in the Luxury, Upper Upscale and Upscale segments in

Key Highlights of the framework are:

This platform allows IHCL to pursue acquisitions in an asset light format, with the equity contribution from IHCL at 30% and the balance contributed by GIC, over a period of three years.

The acquisitions are intended to be housed in a separate SPV with its own funding.

The hotels acquired within the framework will be managed by IHCL under its marquee brands.

This framework will complement IHCL's current growth aspirations via management contracts.

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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. 13:41 IST