State-owned Dubai Investment Group buys stake in Bharat Hotels.
Government-owned Dubai Investment Group said on Saturday its investment unit had agreed to buy a 5 % stake in Indian hotel company Bharat Hotels Ltd.
Dubai Ventures would pay $40 million for the stake, Dubai Investment said in a statement.
Dubai Ventures focuses on equity investments in Asia, it said.
Bharat Hotels operates InterContinental hotels across Indian, including New Delhi, Mumbai, Goa and Srinagar.