Dubai: Dubai Ventures has entered into an agreement with Bharat Hotels., one of India''s largest hotel companies to pick up about 5 per cent stake in the latter for $40 million.

Bharat Hotels, which operates under The Grand banner, currently has eight luxury, five-star deluxe hotels as well as six hotels under construction.

Dubai Ventures is the equity investment arm of Dubai Investment Group (DIG), and invests across the world, but predominantly focuses on Asia. DIG has offices in Dubai, Hong Kong, Kuala Lumpur, London and New York.

Bharat Hotels currently operates InterContinental The Grand hotels in New Delhi, Mumbai, Goa and Srinagar as well as The Grand Ashok Bangalore, The Grand Laxmi Vilas Palace Udaipur and The Grand Temple View Khajuraho.

Its Kolkata property, the 165-year-old The Grand Great Eastern, is presently under extensive restoration, with a view to make it one of the finest heritage hotels globally.

Other hotels under construction, scheduled for opening between 2008 and 2009 include The Grand Jaipur, The Grand Resort Bekal, The Grand Ahmedabad, The Grand Chandigarh, and The Grand Noida.