India, April 9 -- Aviation giant IndiGo's parent InterGlobe Aviation and French hospitality major Accor have announced a partnership to acquire a majority stake in budget hotel chain Treebo Hotels.

In a statement, Accor, which is an existing investor of Treebo, said that the two companies will "jointly invest" in and become the largest shareholder in the hospitality startup. However, it didn't provide the financial contours of the deal.

The French company claimed that the combined strength of Accor and Treebo will create India's third-largest hospitality player with over 30,000 rooms.

As part of the pact, Treebo will also take the "lead" to develop Accor's two hotel brands - Ibis and Mercure - in India through a master licence agreemen...