PAG contributes Rs 425 billion to Elan group in Gurugram

30 Aug 2022 CW Team

The development of Elan’s upcoming projects will be funded by the Rs 4.25 billion investment from PAG, a global alternative investment firm. In order to grow its commercial real estate business and enter the luxury residential market, Gurugram-based Elan Group purchased two land parcels this year.

For Rs 5.80 billion in January, the group purchased a 40-acre plot of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for the purpose of developing residential and commercial projects. This month, for more than Rs 2 billion, it purchased another 7.65-acre prime commercial land parcel from the Ambience Group in Gurugram's Sector 82. Elan Ltd, the flagship company of Elan Group, stated in a statement that “PAG has invested over $50 million or Rs 4.25 billion in Elan”.

It was also stated that the investment would be used as growth capital for future projects.

“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, CEO, Eland group.

Elan Group has 12 projects in prime locations in Gurugram and New Delhi, totaling approximately 15 million square feet of saleable area.

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