 "Elan Group repays Rs 875 cr debt to Asia Pragati Strategic Investment Fund")
In a move to strengthen its financial position, Gurugram-based developer Elan Group on Friday announced the repayment of Rs 875 crore debt availed from the Asia Pragati Strategic Investment Fund, which is part of one of Asia’s largest private equity (PE) funds, PAG.
“Asia Pragati had invested Rs 875 crore in the Elan Group in 2022, with the funds used towards growth capital,” the firm said in a statement.
The company stated that the repayment was achieved ahead of the scheduled timeline, with the strategic deleveraging expected to reduce interest liabilities, strengthen liquidity, and create headroom for reinvestment into future projects and land acquisitions.
The repayment, it added, is backed by resilient operations and strategic execution across its high-growth portfolio.
“In an industry where prudent capital management is key to long-term leadership, this development reinforces Elan Group’s position as a future-ready developer with the financial resilience to scale, deliver, and lead with conviction,” said Sandeep Agarwal, Executive Director for Finance and Group Chief Financial Officer (CFO) at Elan Group.
The move comes just a week after the real estate firm raised Rs 250 crore from Piramal Finance for the construction of a new project in Gurugram. It had also raised around Rs 1,200 crore from Kotak Real Estate Fund last year.
Elan added that the enhanced financial flexibility will allow the group to accelerate construction schedules and deepen its presence in high-opportunity markets.
“With a leaner balance sheet, strong fundamentals, and an ambitious project pipeline, Elan Group is well-positioned to seize emerging growth opportunities and further its evolution as one of India’s most agile and future-focused real estate developers,” it said.
The realty firm has a portfolio of 15 projects spread across Gurugram and New Delhi, offering a built-up area of approximately 25 million square feet (msf), which includes ultra-luxury residential projects and integrated commercial and retail destinations.