The Indian Hotels Company (IHCL) has signed a strategic partnership with Singapore\u2019s sovereign wealth fund, GIC, for an investment framework of about $600 million over a period of three years from the date of signing. The capital platform will be used to acquire fully-operational hotels, mainly in the luxury, upper upscale and upscale segments in India. The mandate is to acquire fully-operational hotels which will also include distressed or underperforming hotels that can be turned around banking on IHCL\u2019s experience and capabilities, the firm said. \u201cThis platform allows IHCL to pursue acquisitions in an asset light format, with the equity contribution from IHCL at 30% and the balance contributed by GIC, over a period of three years,\u201d IHCL indicated in an exchange release. READ ALSO |\u00a0Bad news for DTH subscribers; High Court stays TRAI notice against Tata Sky, Sun Direct, others The acquisitions are likely to be housed in a separate special purpose vehicle (SPV) with its own funding. The hotels acquired within the framework will be managed by IHCL under its marquee brands and the framework will complement IHCL\u2019s current growth aspirations via management contracts. Puneet Chhatwal, managing director and chief executive officer at IHCL, said the collaboration is in line with Aspiration 2022 and the firm\u2019s vision to scale up and create greater enterprise value. \u201cThrough this platform, we expect to acquire strategic and marquee assets that need new ownership, branding and positioning,\u201d he stated. IHCL and its subsidiaries bring together a group of brands and businesses that include Taj, SeleQtions, Vivanta and Ginger. Incorporated by the founder of the Tata Group, Jamsetji Tata, the company opened its first hotel \u2014 The Taj Mahal Palace, in Mumbai in 1903. IHCL operates 179 hotels including 30 under development globally across four continents, 12 countries and in over 80 locations. Kok Sun Lee, chief investment officer of GIC Real Estate, said as a long-term investor, the group is confident in the outlook of India\u2019s hospitality sector. \u201cWe look forward to working closely with established partners such as IHCL to pursue attractive opportunities and capture the sector\u2019s growth potential,\u201d he said. GIC is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore\u2019s foreign reserves. GIC is a global long-term investor with well over $ 100 billion in assets in over 40 countries worldwide.