Paytm appoints Adani Infra subsidiary as EPC contractor for Noida IT facility

One 97 Comm., parent company of Paytm, has appointed Manorview Developers, subsidiary of Adani Infrastructure as EPC Contractor for IT/ITES complex in Noida, the company announced on Tuesday.

The company has appointed Adani's subsidiary for development of its 10-acre (40,000 sq. m) IT/ITES facility in a plot located in Sector 159, Noida. The property was allotted to Paytm's parent company by New Okhla Industrial Development Authority in March 2018.

The Board of One 97 Communications Ltd. approved appointment of Manorview Developers Private Limited (MDPL), a wholly owned subsidiary of Adani Infrastructure & Developers Private Limited, as the Engineering, Procurement, and Construction (EPC) Contractor for the project, the company said in a filing.


Paytm parent company, One 97 Communications, earlier proposed a Joint Development Agreement (JDA) with ACE Builders and Promoters Pvt Ltd which could not be proceeded with in line with Noida rules and byelaws.

Shares of One 97 Communications Ltd. (Paytm) closed at Rs 1052.60 per unit with 3.37% hike of Rs 34.35 on BSE.

Shares of Adani Enterprises Ltd. (Adanient) closed at Rs 2587.90 per unit after declining 1.17% by Rs 30.75 on BSE.