Bengaluru: Tata-group owned Indian Hotels Co Ltd (IHCL), which runs the Taj luxury hotel chain, on Friday signed a strategic partnership with Singapore’s sovereign wealth fund GIC Pte Ltd for an investment framework of around ₹4,000 crore ($600 million) for a period of three years. This investment platform will be used to acquire fully operational hotels mainly in the luxury, upper upscale and upscale segments in India, IHCL said in a BSE filing. The hotels acquired within the framework will be managed by IHCL under its marquee brands. This investment framework will complement IHCL's current growth aspirations via management contracts, the company said. GIC is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves.

Source: Mint May 17, 2019 08:37 UTC