Singaporean sovereign wealth fund GIC and Indian Hotels Co. Ltd. (IHCL), a hospitality unit of Tata Group, have teamed up to acquire premium hotels in India.

With a total commitment of 790 million Singapore dollar ($574 million), the companies will make investments in the course of three years, with IHCL putting in 30 percent equity in every joint acquisition, while the rest will come from GIC.

The joint platform will back potential hotel assets in India including fully operational hotels in the luxury, upper upscale and upscale segments in the country. Each deal is intended to be in a separate special purpose vehicle with its own funding.

Additionally, the hotels purchased will be managed by IHCL under its various brands and complement the company's current growth strategy through management contracts.