GIC, Tata's Hotel Unit Partner to Invest $600 Million in India
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Tata Group-controlled Indian Hotels Co. Ltd has joined hands with Singapore’s wealth fund, GIC Pte., to invest as much as $600 million over three years in buying hotels in India.
The partners will acquire fully-operational hotels mainly in the luxury, upper scale and upscale segments and house these in a separate special purpose vehicle with its own funding, according to an exchange filing by the Indian partner in Mumbai. The equity contribution of Indian Hotels Co. in the acquisitions will be 30% and GIC’s will be 70%, the filing said.