Gautam Adani's Adani group to develop IT complex of this famous company, total cost of project development is Rs...

Gautam Adani's Adani group firm Manorview Developers will develop IT and ITes complex of fintech firm One97 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 Private Limited, a wholly-owned subsidiary of Adani Infrastructure and Developers Private Limited, as the Engineering, Procurement, and Construction (EPC) 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. Under the arrangement, ACE was to raise requisite capital and funds for the development of the IT/ITES complex. Paytm also made it clear that the older joint development agreement with ACE Builders and Promoters would not be worked on. The company announced its first-ever profit earnings since listing on Tuesday, and it also announced its June quarter results.

"We are at a verge of PAT (profit after tax) profitability. I am very sure that next quarter onwards, if everything goes as we are seeing, it could very well be a PAT quarter," said Paytm Chief Executive Officer Vijay Shekhar Sharma during Q4 earnings call in April this year.

"In continuation of our earlier disclosure dated January 19, 2024, we also wish to inform that the proposed Joint Development Agreement (JDA) with M/s ACE Builders and Promoters Private Limited could not be proceeded with in line with NOIDA rules and byelaws," the filing said. The Adani Group entity will be responsible for engineering, procurement and construction services of the IT campus, and the total cost for the overall development is estimated to be approximately Rs 800 crore, according to the filing. The project development will take five years from the date of start. This is an estimated timeline of the project.