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Indian Hotels, GIC partner to acquire luxury, upscale hotels

Indian Hotels Co. Ltd. entered into a strategic partnership with Singapore's sovereign wealth fund GIC Pte. Ltd. to build a portfolio of India-based hotels.

The partnership will invest about 40 billion Indian rupees in the country's luxury, upper upscale and upscale hotel markets over three years, according to a Bombay Stock Exchange filing.

The platform will allow Indian Hotels to seek acquisitions in an asset-light format, with its equity contribution at 30% and the remaining 70% to be injected by GIC.

Indian Hotels will manage the properties acquired through the partnership.

As of May 17, US$1 was equivalent to about 70.31 Indian rupees.