Paytm has decided to move forward with a new development partner for its proposed IT/ITES complex in Noida, with an Adani group company set to take over the project.
Project on 10-Acre Plot
The IT complex is planned on a 10-acre plot in Noida. The site will now be developed by an Adani group firm, following the cancellation of an earlier agreement with ACE Builders and Promoters.
ACE Builders Exit Due to Regulatory Issues
In January 2024, Paytm’s board had approved a joint development agreement with ACE Builders. Under that arrangement, ACE was responsible for raising capital for the project. However, in a recent filing, Paytm stated that the plan could not go ahead due to non-alignment with NOIDA rules and byelaws.
New Partner for Key IT Development
With the Adani group stepping in, Paytm aims to continue its IT infrastructure expansion. Details of the new terms and timelines for execution are expected to be finalised soon.
Part of Broader Tech Infrastructure Push
The IT complex plan is part of a broader movement involving major Indian firms like Reliance, Adani, and Mahindra, aligned with the government’s ₹60,000 crore IT infrastructure upgrade plan. The shift to an Adani firm ensures the continuity of the project under new leadership and compliance.
