Elan Group has raised USD 60 million from global investment firm PAG to fund the construction of projects, reduce debt and expand business. The company has secured a second round of funding from PAG. In August this year, it raised USD 50 mn from PAG.
The investment will be used towards growth capital to endorse existing debt and to scale up the construction of its new luxury housing project – ‘The Presidential’, located in Sector 106 Gurugram.
Elan Group recently announced an investment of Rs 4,000 crore to develop its first housing project on Dwarka Expressway in Gurugram. In January, the group bought 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial projects on the Dwarka Expressway.
Gurugram-based Elan Group has bought two land parcels this year to expand its commercial real estate business and make a foray into the luxury residential segment. Besides land acquisition from the IBREL, it acquired another prime commercial land parcel of 7.65 acres from Ambience Group in Sector 82, Gurugram for over Rs 200 crore. Gurugram-based Elan Group has developed many commercial projects in the IT city.
PAG is an APAC-focused investment firm that manages funds in multiple asset classes, including private equity, private debt, and real estate, on behalf of some of the world's leading institutional investors. It is one of the largest private investment firms in Asia Pacific with an AUM of over USD 50 billion.
