Sabeer Bhatia's Nano City

Delhi based realtor Parsvnath Developers will hold 38% stake in the Rs 1,800-crore Nanocity project. The company would be subscribing to the capital of Nanocity, which is a joint venture between Sabeer Bhatia and Parsvnath Developers. Nanocity will have projects relating to nanotechnology, biosciences, software product development, materials research etc. A new company, Nanoworks, would also be set up, which would raise money through an IPO, expected to be in the region of Rs 1,000-1,200 crore.The Nanocity project, spread over 11,138 acres, is modelled on the Silicon Valley and will come up in two phases.Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and Nano Works Developers (P) Ltd had signed a joint venture to set up the knowledge city in Panchkula district in November, 2006.