Parsvnath picks up 38% stake in Sabeer Bhatia’s Nano City

Parsvnath picks up 38% stake in Sabeer Bhatia’s Nano City
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First Published: Wed, Jul 16 2008. 01 04 PM IST
Updated: Wed, Jul 16 2008. 01 04 PM IST
New Delhi: Parsvnath Developers Limited (PDL) picks up 38% equity stake in Nano City Haryana Limited to build an infrastructure project at an investment of Rs400 crore as equity and debt for the project valued at Rs50,000 crore. The project will be completed in 10 years with 5,000 acres being developed in the first phase.
The knowledge city will be spread over an area of 11,000 acres in Panchkula near Chandigarh and will be named as “Parsvnath Nano city”. A public-private partnership project, in which Haryana Government through HSIIDC will have 10% equity stake, while PDL will have 38% and the remaining 52% will be with the Sabeer Bhatia promoted group.
The project is modeled on the lines of Silicon Valley and will come up in two phases. In the first phase, the company will develop about 5,000 acres and the remaining 6,000 acres will be developed in the second phase.
Pradeep Jain, chairman, PDL said, “This project will validate the investment and business environment of the region, and firmly establish it as an international investment destination”.
Sabeer Bhatia added by saying, “This would be a city where you could live, work, shop and play. Our three major goals for the Nano City are to recreate Silicon Valley, create state-of-the-art infrastructure, and do all this in a manner that is self-sustainable, consuming the least amount of natural resources”.
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First Published: Wed, Jul 16 2008. 01 04 PM IST