Bhutani Infra (Bhutani Group) has announced its withdrawal from any planned engagement with the World Trade Centers Association (WTCA), clarifying that it will no longer be involved in any ongoing, completed, or future projects associated with the organization.
The company had previously acquired a majority stake in WTC Noida under a revenue-sharing agreement in 2024. This project was part of a broader initiative to develop five World Trade Centers across India. However, Bhutani Infra said it has now officially exited the arrangement.
In a press note, Ashish Bhutani, CEO of Bhutani Infra, stated, “Our initial discussions with the WTC Group were aimed at contributing to India’s commercial real estate sector. However, after careful evaluation, we have decided to completely disengage from any association with the WTC Group.”
The company emphasized that it bears no responsibility or liability concerning unit holders of existing or ongoing WTCA projects. It also clarified that its initial interest in WTC Noida was based on representations made by the WTCA, but after a detailed review, it opted to step away.
WTCA, a global trade organization, licenses developers to use its brand name and services. Its licensee for WTC projects in Noida – WTC Noida Development Company Private Limited – has been wading through troubled waters and faces allegations of fund diversions and embezzlement by its promoters.