The JV will see investments of Rs 3,000 crore over a period of time.
Shares of Lemon Tree Hotels jumped over 7 percent intraday in early trade after the company formed a joint venture (JV) with an affiliate of US-basedÂ private equity firm Warburg Pincus.
The stock gained as much as 12.1 percent on the BSE, quoting at RsÂ 77.15.
Lemon Tree Hotels will control 30 percent of the JV, while Warburg Pincus' affiliate will hold 68 percent of the stake.
The JV will develop long-stay real estate projects, with a primary focus on student housing, co-living for working professionals/adults and multi-family users, Lemon Tree Hotels said in a statement.