Tata group hospitality major Indian Hotels Company (IHCL) said it plans to open 83 new hotels globally to take tally to 200 by the end of 2018. The company, which has 117 operational hotels, said it will mainly follow an asset light and management contract model for its future expansion.

“We plan to have 200 hotels by the end of five years globally. As of now we have 117 hotels,” Indian Hotels Company Managing Director & CEO RaymondBSE -0.50 % N Bickson. He was speaking on the sidelines of the launch of its 100th hotel in India at Gurgaon. The new 208-room hotel is under its upper upscale brand, Vivanta by Taj taking the number of properties under the Vivanta brand to 26.

On the company’s road map for growth Bickson said: “With growing competition in India if we want to retain our market share and grow our brand presence, we will have to follow the asset light and management contract model.” The company will grow nearly 75 per cent through management contracts and about 25 per cent through equity, he added. When asked about investments, he did not share an exact figure.

The hospitality major currently operates in four categories ranging from the luxury brand Taj, upper upscale brand Vivanta by Taj Hotels and Resorts, upscale/mid-market full service hotels and resorts under the Gateway Hotel brand and economy hotels under the Ginger brand.

Tata Group firm Taj Hotels Resorts and Palaces comprises 100 hotels in 58 locations across India with an additional 17 international hotels in the Maldives, Malaysia, Australia, UK, US, Bhutan, Sri Lanka, Africa and the Middle East. In India it currently has 20 per cent market share, Bickson said.

Underlining the need for international expansion beyond India, he said: “You cannot have all eggs in one basket.” Indian Hotels Company LtdBSE -0.43 % (IHCL) and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.

Incorporated by the founder of the Tata Group Jamsetji N Tata, the company opened its first property, The Taj Mahal Palace Hotel in Mumbai in 1903.