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Indian Hotels Co. Ltd. (IHCL), the owner of the Taj luxury hotel chain signed a strategic partnership with Singapore’s sovereign wealth fund GIC Pte Ltd to jointly invest around ₹4,000 crore ($600 million) over three years.
Vaish Associates advised IHCL.
AZB & Partners acted for GIC and the team was led by Partners Sai Krishna Bharathan, Ananya Sharma and Kunal Kumbhat.
This capital platform will be used to acquire fully operational hotels mainly in the Luxury, Upper Upscale and Upscale segments in India. The equity contribution from IHCL will be at 30% and the balance will be contributed by GIC.
The acquisitions will be housed in a separate special purpose vehicle (SPV) but will be managed by IHCL, reported Mint.