Hotmail founder Sabeer Bhatia has landed a major investment for his Nanocity project in Panchkula, near Chandigarh in Haryana, which is about 200 kms away from India’s capital. Delhi-based builder Parsvnath Developers Ltd will pick up 38 per cent stake in Nanocity Haryana Infrastructure Ltd, which is developing a 11,000 acre-knolwedge city which will be similar to Silicon Valley in the US (see an artist’s impression of the project on the right).
The total cash infusion by Parsvnath is Rs 400 crore or a little under $100 million which include both equity and debt although the composition is not revealed. A stock exchange announcement by publicly-listed Parsvnath said that the project – to be completed in 10 years – is valued at Rs 50,000 crore or $12.5 billion. The Nanocity project is a public-private partnership between Haryana state government, which will hold 10 per cent stake, Parsvnath with 38 per cent stake and Sabeer Bhatia-promoted group owning the remaining 52 per cent stake in the company.
The project is modelled on Silicon Valley and will come up in two phases. In the first phase, the company will develop about 5,000 acres whereas the remaining 6,000 acres will be developed in the second phase. Both the phases are to be completed in 10 years.
Sabeer Bhatia said in a release: This is an ambitious project. India lacks large, planned commercial and residential destination with modern concepts and quality facilities. We will make Nanocity a world class destination.”
He further said: “We have three major goals for the Nanocity: To recreate the Silicon Valley, create state-of-the-art infrastructure, and do all this in a fashion that is self-sustainable and consumes the least amount of natural resources.”