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Elan Group Secures $60 Million From PAG For Developing Realty Projects

The new fund will be deployed towards growth capital to endorse existing debt and to scale up construction of its new luxury housing project

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Elan Group, a Gurugram-based leading real estate firm, has secured a second round of funding to the tune of USD 60 million from global investment firm PAG. The company had raised USD 50 million from PAG in August 2022. 

According to the company, the new fund will be deployed towards growth capital to endorse existing debt and to scale up construction of its new luxury housing project -- "The Presidential", located in Gurugram. 

Sandeep Agarwal, CFO, Elan Group, said the company has secured a second round of funding from PAG, and it will further strengthen the partnerships between both firms. “We are geared up to put this capital to its most efficient use,” Agarwal said.

Elan Group recently said it would invest Rs 4,000 crore to develop its first housing project on Dwarka Expressway in Gurugram. The company, in January 2022, purchased 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the construction of housing and commercial projects on the Dwarka Expressway.

Besides this, the company also acquired another prime commercial land parcel of 7.65 acres from Ambience Group in Sector 82, Gurugram for over Rs 200 crore. 

PAG is one of the largest private investment firms in Asia Pacific, and 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.