HSIIDC, Sabeer Bhatia to set up Rs 1,850 cr knowledge city

Chandigarh, Nov 1 (UNI) The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has joined hands with Hotmail founder Sabeer Bhatia to set up a knowledge city in district Panchkula at an estimated cost of Rs 1,850 crore.

A joint venture agreement was signed by HSIIDC Managing Director Rajeev Arora and Nano Works Developers (P) Ltd CMD Sabeer Bhatia at Panchkula near here, a HSIIDC spokesman said today.

Christened as 'Nanocity.IN', the project would provide an environment and an eco-system that fostered intellectual creativity in the technologies of the future like Nano Technology, Bio Sciences, Software Product Development, Next generation internet products, materials research and energy.

He said a Special Purpose Vehicle (SPV) would be formed to implement the project in two phases. The project would be funded by way of debt equity ratio of 1:1.

A site measuring about 11,000 acres has been identified in Panchkula district for the project by a Joint Working Group constituted by the state government for the purpose.

While an area of about 5,000 acres of land would be covered under the first phase of the project, the remaining 6,000 acres would be utilised in the second phase. The total cost of the project includes the cost of land, development of infrastructure, maintenance and administrative expenses.

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