IITL Projects Invests ₹5 Cr in Palm Olympia Project

IITL Projects Limited has entered into a Strategic Investment Agreement with SAM (India) Abhimanyu Housing for a strategic investment of ₹5 crores in Phase 4 of the 'Palm Olympia' group housing project in Greater Noida. The investment, payable in tranches, is a financial contribution towards the project's development cost. IITL Projects will receive an interim return of 7.5% per annum on the outstanding investment amount, calculated on a simple interest basis and payable half-yearly. Additionally, they are entitled to a project return based on the project's overall performance upon receipt of the Completion Certificate. The investment is secured until the Completion Certificate is issued, with an option for early exit under specific conditions. SAM India is responsible for the project's development and ensuring funds are used solely for the project. The agreement includes provisions for default events and indemnification.