Parsvnath to invest Rs400 crore in Sabeer Bhatia's Nano City project

16 July 2008

Mumbai: Realty major Parsvnath Developers has picked up a 38 per cent stake in internet entrepreneur Sabeer Bhatia's Nano City Haryana project, the company said.

Parsvanath will invest Rs400 crore ($100 million), as equity and debt in Nano City Haryana Ltd, its chairman Pradeep Jain said.

Parsvnath will develop 5,000 acres of the 11,000-acre mega-project in the first phase, he said.

''The knowledge city would be divided into four districts - IT, university, airport and biotech" and the project would be completed in the next 10 years, Jain said.

Of the total Rs400 crore Parsvnath investments, Rs41.5 crore would be for a 38 per cent stake in the project and the rest would be debt, he said.

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