New Delhi: Adani group firm Manorview Developers will develop IT and ITes complex of fintech firm One 97 Communications, which owns Paytm brand, in Noida, the company said in a regulatory filing. Paytm was allocated a 10-acre plot in Sector 159 of Noida for the development of the complex in 2018 by the Noida Authority.
“We wish to inform you that the company has now taken a fresh step by proceeding to develop the project independently. Accordingly, the board has approved the proposal to appoint M/s Manorview Developers Pvt Ltd, a wholly-owned subsidiary of Adani Infrastructure and Developers Private Limited, as the Engineering, Procurement, and Construction Contractor, subject to execution of definitive agreements in this regard,” the filing said.
In January 2024, Paytm’s board had approved execution of a joint development agreement (JDA) between the company and ACE Builders and Promoters to develop the complex. “In continuation of our earlier disclosure dated January 19, 2024, we also wish to inform that the proposed JDA with M/s ACE Builders and Promoters Pvt Ltd could not be proceeded with in line with NOIDA rules and byelaws,” the filing said.