Nano City is proposed to be developed on 11,000 acres of land at Panchkula in Haryana and will come up in phases.Expected to be completed in 10 years, the project seeks to attract world-class companies involved in creation of intellectual property, particularly those involved in software development, nano sciences, drug discovery, bio-technology, energy research and semiconductor research. It would also boast of a university and an airport.In the first phase, the company would develop 5,000 acres of land over 5 years and the rest would be developed in the second phase.
Hotmail creator Sabeer Bhatia-promoted knowledge city project, Nano City, is in talks with a foreign venture capital firm to be a part of it. Bhatia said the company was expecting to get 1,000 acres of land within the next three months."We have already signed an agreement with farmers for buying 284 acres of land and in the next three months we will have 1,000 acres of land," he said.
Real estate company Parsvnath Developers Ltd had picked up 38 per cent stake in Nano City project in July 2008, with a proposed investment of Rs 400 crore as equity and debt.In this public-private partnership, state owned Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has 10 per cent stake, while 52 per cent lies with promoter Sabeer Bhatia.
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