Gurugram-based Elan Group has raised $60 million (Approximately Rs 475 crore) from global alternative investment firm PAG, months after raising over $50 million (about Rs 425 crore) from PAG.
The investment will be used towards growth capital to endorse existing debt and to scale up construction of “The Presidential“, the newly launched premium residential project of Elan Group, in Sector 106 Gurugram.
With this second round of funding, Elan has secured a total of USD 110 million (Rs 900 crore) from PAG in last five months.
“This follow-on financing from PAG further strengthens the partnership between both firms,” said Sandeep Agarwal, CFO, Elan Group.
Promoted by Akash Kapoor, Rakesh Kapoor and Ravish Kapoor, Elan Group has developed retail and residential projects across prime locations in Gurugram.
The group recently launched a high-end residential project in Sector 106, Gurugram, with a saleable area of around 3 million sqft and around 800 units. The project enjoys accessibility from the Dwarka Expressway and is ten minutes from International Airport.
“We are glad to associate the Elan Group as it continues to grow and scale up, in one of the fastest growing economies in the region. We look forward to exploring new opportunities to partner with Elan in Gurugram and beyond,” said Kanak Kapur, Managing Director and Partner of Credit & Markets, PAG.
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 USD50 billion.
Elan Group has said it will spend Rs 4,000 crore to build 8 million square feet of luxury residential space on its new project.
The company had purchased the land from Indiabulls Real Estate in January for Rs 580 crore.
It is a 40-acre land parcel with a full licence, of which 30 acres will be developed for residential use and 10 acres for commercial use.
“With the project Elan – The Presidential, we are entering the residential real estate segment located at the Dwarka Expressway. The project will be developed in three phases and we are expecting a top line of Rs 10,000 crore from it,” said Ravish Kapoor, managing director, Elan Group.
Spread over 30 acres, the project will have about 1,800 super luxury residences (3,4, 5-bed and duplex penthouses) ranging from Rs 4-12 crore.
Elan Group has 12 retail and commercial projects across prime locations in Gurgaon and Delhi and a total saleable area of about 15 million sq ft. The company is scaling up its portfolio of retail and commercial assets. Earlier, it had bought 7.65 acres of prime commercial land from Ambience Group in sector 82 of Gurgaon. It is planning to build another 1 million sq ft commercial project comprising retail spaces, offices, service apartments and hotel.
