Home Economy Parsvanath picks 38 percent stake in Nano City

Parsvanath picks 38 percent stake in Nano City


New Delhi : Realty major Parsvanath Developers has picked up a 38 percent stake in entrepreneur Sabeer Bhatia’s much-hyped Nano City Haryana project, the company said here Wednesday.

Parsvanath will invest Rs.4 billion ($100 million), as equity and debt in Nano City Haryana Ltd.

The project, valued at $12 billion, will be completed in 10 years. Parsvanath will develop 5,000 acres of the 11,000-acre mega-project in the first phase.

The Bhatia-promoted Nano City group will hold 52 percent in the company, and the rest will be with the Haryana government.

At an interaction with reporters, Bhatia said Nano City will be the future model of infrastructure development in the country as it shifts from a service-based economy to knowledge-based economy.

“Nano-technology is the future, and this city will host dozens of high-tech research-oriented projects on the Silicon Valley model,” he said.