Parsvnath confirms tie-up with Sabeer Bhatia’s Nanocity

June 20th, 2008 - 7:28 pm ICT by IANS  

New Delhi, June 20 (IANS) After days of denial and speculations, Delhi-based realtor Parsvnath has acknowledged its tie-up with the Sabeer Bhatia-promoted Rs.18 billion Nanocity project, to be built on the lines of Silicon Valley in the US. “We are not denying the news. The talks are on between the two companies and the official announcement will come in after the formal agreement is signed,” Pradeep Jain of Parsvnath Developers told IANS Friday.

Nanocity, the brainchild of Hotmail founder Bhatia, is planned on 11,138 acres of land and will come up in two phases in Panchkula district of Haryana.

The city will have projects related to nano-technology, bio-technology and bio-sciences, software product development and various other research works.

According to company sources, the project will be developed in joint venture between Bhatia’s Nanocity Developers with Parsvnath Developers holding 38 percent stake.

The joint venture will also float Nanoworks, which will raise money through the primary market.

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