Elan raises 60 million dollars for their realty projects. This investment will be used to develop its new luxury projects, grow initial debt, and scale up construction. Elan The Presidential is located in Sector 106 Gurugram.
New Delhi: On Friday, real estate company Elan Group said it had raised 60 million USD from PAG, a global investment firm, to fund it to reduce debt, expand its business and development as well as for the construction of projects.
Also, in august this year, Elan had elevated 50 USD from Global investment funds (PAG). Even the group has secured a second round of funding from the Global Investment fund.
Elan Group will invest this money for its development, increase its construction of new luxury projects and endorse debt. Elan The Presidential is located in Sector 106, Gurugram, Haryana.
CFO of Elan Group, Sandeep Agarwal, Said
CFO of Elan Group, Sandeep Agarwal, said this follow-on financing from PAG further strengthens or buildup the partnership between the team and the company. This investment will gear up to put the capital to its most efficient use.
Also, last month, Elan Group announced the development of its first residential project on the Dwarka Expressway in Gurgaon. For this project, Elan Group will invest amounting to Rs 4000 crore.
Elan Group Bought 40 acres of Land Parcels from IBREL
Even in January this year, Elan Group bought 40 acres of land parcels in Gurgaon from IBREL (Indiabulls Real Estate Ltd) for Rs 580 crore to develop commercial and residential projects on the Dwarka Expressway.
Also, this year, Gurgaon-based Elan Group has bought two lands to increase and stretch its commercial real estate business and change into the luxury residential sector.
Indiabulls Real Estate Ltd.
Despite land acquisition from Indiabulls Real Estate Ltd, this group acquired another prime commercial land parcel from Ambience Group in Sector 82, Gurugram. This land was 7.65 acres, amounting to Rs 200 crore.
Also, this company has developed numerous commercial projects in Gurugram.
PAG is an APAC-focused investment firm that manages funds in various asset classes; it consists of real estate, private equity, and private debt on behalf of some of the world’s leading institutional investors.
PAG is one of the largest private investment companies in Asia Pacific, with an AUM (Assets Under Management) of over USD 50 billion.