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Global fund PAG invests Rs 425 crore in Gurugram-based realty firm Elan group

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.

August 27, 2022 / 05:24 PM IST

Global alternative investment firm PAG has invested Rs 425 crore in real estate firm Elan Ltd, which will utilise the fund for the development of their upcoming projects. 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 January, the group bought 40 acres land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial projects. This month, it acquired another prime commercial land parcel of 7.65 acres from Ambience Group in Sector 82, Gurugram for over Rs 200 crore. Elan Ltd, the flagship company of Elan Group, said in a statement that "PAG has invested over USD 50 million or Rs 425 crores in Elan Ltd".

The investment will be used towards growth capital for their upcoming projects, it added. "This deal assumes great significance for the Elan Group with a global fund like PAG reposing confidence in the group's management and established development track," said Sandeep Agarwal, CFO, Elan Group.

Elan Group has 12 projects across prime locations in Gurugram and New Delhi having a total saleable area of approximately 15 million sq ft.
PTI
first published: Aug 27, 2022 05:24 pm
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