Eldeco Housing planning to enter into MoU with Eldeco Infrastructure

Eldeco Housing & Industries is planning to enter into a Memorandum of Understanding (MoU) with Eldeco Infrastructure and Properties (EIPL) wherein, it is proposed to advance a sum not exceeding Rs 27.50 crore to EIPL upon which the Company shall be entitled for two-third (2/3rd) surplus of EIPL's entitlement in the surplus arising from an upcoming residential township project at Bareilly, Uttar Pradesh (to be developed by a subsidiary of EIPL i.e. Eldeco Infrabuild) subject to repayment of the sum advanced along with minimum interest of 8% p.a. on the sum advanced. The Board of Directors of the Company at its meeting to be held on August 27, 2019 to consider the same.

Eldeco Housing & Industries has a presence in all the major real estate classes - multi-storey group housing, residential townships, shopping malls, industrial parks, SEZs, office buildings and hotels.