Parsvnath buys 38% in Bhatia's Nanocity
Finally, it has happened . Parsvnath Developers has picked up 38% stake in Hotmail founder Sabeer Bhatia’s Nanocity project, a knowledge city to be spread on 11,000 acres in Panchkula.
By ET Bureau |
CHANDIGARH: Finally, it has happened . Parsvnath Developers has picked up 38% stake in Hotmail founder Sabeer Bhatia���s Nanocity project, a knowledge city to be spread on 11,000 acres in Panchkula.
One of the country���s biggest infrastructure project now has 52% stake of Sabeer Bhatia Group whereas Haryana government���s Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) holds 10% stake in the project valued at Rs 50,000 crore.
The project, christened Parsvnath Nanocity post joint venture, is a public-private partnership project to be developed by Nanocity Haryana Infrastructure Limited. Parsvanth will infuse Rs 400 crore as equity & debt in the project envisaged to offer world class infrastructure.
���We are proud to be associated with Sabeer Bhatia. Nanocity would be a landmark in the Indian infrastructure space,��� Pradeep Jain, chairman, Parsvnath Developers, said. ���The project will lead the nation on a path of innovation. With large investments happening in Nanocity, it will create massive employment opportunities for all categories of people of the region,��� Mr Jain added.
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The project modeled on Silicon Valley will come up in two phases. In the first phase 5,000 acres would be developed.
���Renowned companies world over are keen to move to small places and the region has lot to offer in terms of talent pool,��� Sabeer Bhatia told ET. ���We will make Nano a world-class destination a benchmark in India���s infrastructure story,��� Mr Bhatia said in an official release.
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