Parsvnath says looking at stake in nano city project

Parsvnath officials, when contacted by Business Standard, said "Yes, we are very much in talks for the Nano City project proposed near Panchkula."

Terming the project as Parsvnath's dream project, the officials said the Nano city deal is likely to be signed by 10 July and Parsvnath would buy 38 per cent stake in the Nano City project. Simultaneously they would also be inking the deal for development rights of the city.

The officials said that once the deal is signed the primary objective would be to acquire land for the city.

The Nano City is proposed to come up in over an area over 11,000 acres and the land acquisition project would be done in two phases.

The company aims to acquire around 1,000 acre of land by the end of this fiscal year.

The Nano City project is a joint venture between Hotmail-founder Sabeer Bhatia-promoted Nano Work Developers (P) Ltd and Haryana State Industrial Development Corporation (HSIIDC). In the project, Nano Work holds 90 per cent equity and rest 10 per cent is with HSIIDC.

Nano City, which is being modeled in lines with the Silicon Valley in the US, is slated to provide environment and eco-system fostering intellectual creativity in technology of future such as Nano Technology, Bio Sciences, Software Product Development, Next Generation Internet Projects, Material Research and Energy.