Government of Singapore Investment Corporation (GIC) and Indian Hotels Company Limited (IHCL), operator of Taj luxury hotels, signed an investment framework for $600 million to acquire hotels in India. GIC will contribute 70% of money to the investment platform while IHCL will put in 30 percent equity in every acquisition over the next three years, as also manage the hotels acquired.
“This collaboration is in line with Aspiration 2022 and our vision to scale up, create greater enterprise value, and make IHCL South Asia’s most iconic and profitable hospitality company,” IHCL’s managing director and chief executive Puneet Chhatwal said.
“As a long-term investor, we are confident on the outlook of India’s hospitality sector. We look forward to working closely with established partners such as IHCL to pursue attractive opportunities and capture the sector’s growth potential,” GIC Real Estate’s chief investment officer Kok Sun Lee noted.
