NEW DELHI, India, May 20 (NNN-PTI) – Tata Group, one of India’s largest conglomerates and GIC, Singapore’s global long-term investor to manage foreign reserves, have reportedly joined hands to take over under-performing or debt-ridden luxury hotels in India.
The 30:70 joint venture between Tata and GIC would invest around 600 million U.S. dollars, to purchase hotel properties over the next three years, The Times of India reported today.
The properties bought by the joint venture will be managed by the hospitality arm – Indian Hotels Company (IHC) that runs the chain hotels owned by the Tata Group.
The joint venture would be aiming at acquiring fully operational hotels, having distressed or under-performing assets that could be turned around using IHC’s expertise.– NNN-PTI
