Elan Group raises $60 mn from PAG for construction of realty projects

Realty firm Elan Group on Friday said it has raised USD 60 million from global investment firm PAG to fund construction of projects, reduce debt and expand business.

The company has secured a second round of funding from PAG. It had raised USD 50 million from PAG in August of this year.

The investment will be used towards growth capital to endorse existing debt and to scale up construction of its new luxury housing project -- "The Presidential", located in Sector 106 Gurugram.

"This follow-on financing from PAG further strengthens the partnership between both firms and the team at Elan is geared up to put this capital to its most efficient use", said Sandeep Agarwal, CFO, Elan Group.

Last month, Elan Group 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.

In addition to the IBREL land acquisition, it purchased another prime commercial land parcel of 7.65 acres from Ambience Group in Sector 82, Gurugram, for more than 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.