Noida Authority seeks review relief granted to ET Infra Developers

13 Sep 2024 CW Team

The Noida Authority plans to request the Uttar Pradesh government to reconsider its decision to grant a Rs 630 million financial relief to ET Infra Developers Pvt Ltd, the builders of the World Trade Tower in Sector 16. The relief was originally granted to compensate for delays caused by the National Green Tribunal's (NGT) ban on construction within 10 kilometers of the Okhla Bird Sanctuary from 2013 to 2015.

Officials from the Authority argue that the developer completed the towers before the NGT's orders were imposed but failed to secure an occupancy certificate (OC) due to missing documents. Therefore, they claim the developer is ineligible for the waiver, as the NGT ban did not directly impact the project.

ET Infra Developers had been allotted the commercial land for the project in 2010, with a requirement to complete construction and apply for the OC by August 2013. Although the builder applied for the certificate in June 2013, the application was rejected due to incomplete documentation. The NGT ban was imposed after this, in August 2013.

The developer had requested a waiver of interest from September 2013, citing delays caused by the NGT's restrictions. Despite receiving partial relief for the period from August to October 2013, the builder continued to appeal for a full waiver for the two-year period starting in August 2013. In 2023, the Uttar Pradesh government granted the developer a full waiver of interest and lease rent, amounting to Rs 630 billion.

Noida Authority officials, however, dispute the decision, stating that the delay in receiving the OC was due to the developer's own shortcomings, not the NGT ban. They argue that granting additional relief would set an unfair precedent and impose a financial burden on the Authority.

(ET)

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..