Hilton Hotels Corp. said it would spend $1.5 billion in a partnership with New Delhi-based real estate development firm DLF Ltd. to acquire land and build 50 to 75 hotels in India.

Bloomberg News reports that the Beverly Hills-based hotel chain will initially invest $143 million building the properties while DLF, a real estate company owned by billionaire Kushal Pal Singh, will control 74 percent of the venture. DLF said it will sell at least $2.1 billion of shares to fund the venture.

Hilton cited the fast-paced expansion of the Indian economy and tourism industry as reasons for the venture. Hilton said it will build 20 hotels in cities including Chandigarh, Chennai and Kolkata to cater to business travelers,.

This move into Asia comes after the company has sold off more than $4 billion in assets over the last two years, mostly involving European properties or brands.

Shares in Hilton were down 31 cents $34.31 in afternoon trading Wednesday on the New York Stock Exchange.