INDIA BUSINESS WORLD - JULY 1st - JULY 31st - 2008
PARSVNATH BUYS 38% IN BHATIA’S NANOCITY
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.
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 said. “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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