Noida‘s Bhutani Group has acquired a majority stake in WTC Noida, a company licensed to develop 13 World Trade Centers across India, in a revenue-sharing deal that will ensure the completion of stalled projects, three people aware of the development said.
Five of these WTCs, located in Noida, Chandigarh, Gurugram, and Gift City are at various stages of construction and will require at least ₹3,000 crore to complete.
“The existing company was struggling to complete the work. Although parts of these projects were delivered and operational, the company needed an equity infusion to speed up construction. Bhutani Group has come on board as a partner to boost sales, construction, and overall strategy,” said a person familiar with the development.
Together, the projects have over 30 million square feet of leasable area. The World Trade Centers Association (WTCA) licenses developers in various countries to use the brand name and services.
“All the projects initiated by WTC Noida are net worth positive, and the target for the next few months is to give active momentum to each and every project and ensure timely delivery. For future projects, which are in cities like Varanasi, Amritsar, and Lucknow, a call will be taken at a later stage,” said another person.
Bhutani Group recently won the bid to develop Film City project of the Uttar Pradesh government.
“This strategic investment spans across various projects, focusing on occupier satisfaction and job creation. We are also looking forward to working across new geographies as a part of this acquisition, with new launches planned very soon,” said a Bhutani group spokesperson.
The WTCA did not respond to the email query.
The World Trade Center is looking to expand its presence in India, with the Indian market and the office market seeing stable growth amidst global uncertainties.
WTCA plans to expand its presence in India by adding 10 more trade centres in the next five to seven years. It expects to have over 50 World Trade Centers within the next 5-7 years, up from the current 40.
The association currently has licenses in 40 cities in India, but not all of them have a building.
