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Realty firm Elan Group on Friday said it has raised USD 60 million from global investment firm PAG to fund construction of projects, reduce debt and expand business. The company has secured a second round of funding from PAG. In August this year, it had raised USD 50 million from PAG. The investment will be used towards growth capital to endorse existing debt and to scale up construction of its new luxury housing project -- "The Presidential", located in Sector 106 Gurugram. "This follow-on financing from PAG further strengthens the partnership between both firms and the team at Elan is geared up to put this capital to its most efficient use", said Sandeep Agarwal, CFO, Elan Group. Last month, Elan Group announced an investment of Rs 4,000 crore to develop its first housing project on Dwarka Expressway in Gurugram. In January, the group bought 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial project
The National Highways Authority of India (NHAI) on Sunday said it has suspended key personnel of developer Larsen & Toubro and supervision consultant AECOM after a portion of an under-construction elevated road on Dwarka expressway collapsed this morning. It said the personnel were suspended pending the outcome of investigation by an expert committee being constituted to probe the incident. A portion of an under-construction elevated road on the Dwarka Expressway collapsed here on Sunday morning, injuring three workers. "Authority has viewed the incident seriously and pending the outcome of the investigation by the committee, the concerned key personnel of the Contractor M/s L&T and Supervision Consultant M/s AECOM have been suspended as per Standard Operating Procedure (SOP) of NHAI," the NHAI said in a statement. The accident site is being secured with necessary precautions taken to prevent any further damages, the statement said. It said: "An unfortunate incident happened ..