Indian Hotels signs strategic partnership with GIC

Indian Hotels Company (IHCL) has signed a strategic partnership with Singapore’s sovereign wealth fund, Government of Singapore Investment Corporation (GIC) for an investment framework to the tune of about Rs 4000 crore or $ 600 million over a period of three years from May 17, 2019.

This capital platform will be used to acquire fully operational hotels mainly in the Luxury, Upper Upscale and Upscale segments in India. This platform allows company to pursue acquisitions in an asset light format, with the equity contribution from the company at 30% and the balance contributed by GIC, over a period of three years.

Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia’s largest and finest hotel company. It operates in the luxury, premium, mid-market and value segments of the market.

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