Indian Hotels enters into strategic partnership with GSIC
Mumbai-based hotel and resorts operator, Indian Hotels Company Ltd, has entered into a strategic partnership with Government of Singapore Investment Corporation (GSIC), on Friday.
Indian Hotels Company Ltd (IHCL) has signed a strategic partnership with Singapore's sovereign wealth fund, Government of Singapore Investment Corporation (GSIC) 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 the company to pursue acquisitions in an asset light format, with the equity contribution from the company at 30% and the balance contributed by GSIC, over a period of three years.
A part of the Tata Group, known as Taj Hotels Resorts and Palaces, Indian Hotels Company operates a chain of some of the very luxury and premium hotels.
On Friday, the stock touched its intra-day high of Rs. 150. It closed with gains of nearly 1 per cent at Rs. 143 on the BSE.