Hotel giant InterContinental Hotels Group (IHG) is set to open 19 hotels in India over the next five years, in partnership with Duet India Hotels.

Duet India Hotels will invest Rs 1,300 crore (US$23.5m, £14.8m, 18.3m euro) for setting up the properties under the Holiday Inn Express brand.

It is IHG's the fourth brand in India following the InterContinental, the Crowne Plaza and the Holiday Inn brands.

Duet India Hotels has a 76 per cent stake while InterContinental Hotels Group holds a 24 per cent stake.

The first hotel under the Holiday Inn Express brand has opened in Ahmedabad.

The two companies are looking at locations such as Chennai, Hyderabad, Navi Mumbai, which are already in various stages of development. It is also looking at NCR, Kolkata, Bangalore and Goa.

Duet India Hotels President Naveen Jain said: "All the 19 hotels will be opened in the next five financial years. The investments will be raised through a mix of debt and equity.

"Nearly 55 per cent of it will be raised by debt mainly from Indian banks, while 45 per cent will be through equity."

InterContinental Hotels Group currently has 12 hotels under its brands in India and 37 hotels are in the pipeline.