NEW DELHI: Manorview Developers, a subsidiary of Adani Group, has announced plans to develop an IT and ITES complex for One97 Communications, the parent company of the Paytm brand, in Noida, according to a regulatory filing.
In 2018, the Noida Authority allocated a 10-acre plot in Sector 159 for this development.
The filing indicated, “The company is now taking independent steps to advance the project. The board has approved the proposal to appoint Manorview Developers Private Limited as the Engineering, Procurement, and Construction (EPC) Contractor, pending the execution of definitive agreements.”
In January 2024, Paytm’s board approved a Joint Development Agreement (JDA) with ACE Builders and Promoters for the complex’s development.
ACE was expected to secure necessary funding for the IT/ITES complex.
“Following our previous disclosure from January 19, 2024, we would like to inform that the JDA with ACE Builders and Promoters could not proceed in accordance with NOIDA rules and bylaws,” the filing added.
