Parsvnath to hold 38% in Sabeer Bhatia's Nanocity
Delhi-based realtor Parsvnath Developers will hold 38% stake in Sabeer Bhatia's Rs 1800-crore Nanocity project.
By ET Bureau |
CHANDIGARH: Finally its official. Delhi-based realtor Parsvnath Developers will hold 38% stake in the Rs 1,800-crore Nanocity project.
The company would be subscribing to the capital of Nanocity, which is a joint venture between Sabeer Bhatia and Parsvnath Developers. Nanocity will have projects relating to nano-technology, biosciences, software product development, materials research etc.
A new company, Nanoworks, would also be set up, which would raise money through an IPO, expected to be in the region of Rs 1,000-1,200 crore.
Bhatia is expected to land in India next week to sign an MoU with Parsvnath Developers.
However, Parsvnath has denied any such development. When asked about the development, company advisor PK Jain said, ���I am not aware of any such development. May be, you know more.���
The Nanocity project, spread over 11,138 acres, is modelled on the Silicon Valley and will come up in two phases.
The company would be subscribing to the capital of Nanocity, which is a joint venture between Sabeer Bhatia and Parsvnath Developers. Nanocity will have projects relating to nano-technology, biosciences, software product development, materials research etc.
A new company, Nanoworks, would also be set up, which would raise money through an IPO, expected to be in the region of Rs 1,000-1,200 crore.
Bhatia is expected to land in India next week to sign an MoU with Parsvnath Developers.
However, Parsvnath has denied any such development. When asked about the development, company advisor PK Jain said, ���I am not aware of any such development. May be, you know more.���
The Nanocity project, spread over 11,138 acres, is modelled on the Silicon Valley and will come up in two phases.
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Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and Nano Works Developers (P) Ltd had signed a joint venture to set up the knowledge city in Panchkula district in November, 2006.Start a SIP with as low as ₹500 with ET Money App!
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