the Epitome weekly- Newsletter

Issue: 0830| Tuesday, July 22, 2008

Parsvnath picks stake in Sabeer Bhatia’s Nanocity

July 16, 2008

Hotmail founder Sabeer Bhatia has procured a major investment for his Nanocity project in Panchkula, near Chandigarh in Haryana, which is about 200 kms away from India’s capital city. Parsvnath Developers Limited (PDL) has bought a 38% equity stake in Nano City Haryana Limited to build an infrastructure project at an investment of USD 95 mn as equity and debt for the project valued at USD 12.5 bn. 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 and will be named as “Parsvnath Nano city”. The project is a public-private partnership, 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, while the remaining 6,000 acres will be developed in the second phase.

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