Sabeer Bhatia''s Nano City recommended to be scrapped by HSIIDC

Posted By: Pti
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Chandigarh, Feb 11 (PTI) The Haryana State Industrial andInfrastructure Development Corporation (HSIIDC) todayrecommended to scrap Hotmail founder Sabeer Bhatia''s dreamproject Nano City for failing to set up the project in thestate.

"We have recommended that the project (Nano City) bescrapped," HSIIDC Managing Director Rajiv Arora told PTI, whenasked about the status of the Nano City project.

"The final decision on the (Nano City) project will betaken in the next meeting of Haryana Investment PromotionBoard (HIPB)," he said. HIPB is headed by Haryana ChiefMinister Bhupinder Singh Hooda.

HSIIDC and promoter Sabeer Bhatia signed an MoU in 2006to set up a knowledge hub, Nano City, under the public-privatepartnership model, which was to be spread over 11,138 acres ofland, covering 23 villages at Raipur Rani in Panchkuladistrict of Haryana.

HSIIDC has 10 per cent sweat equity in this project.

Modelled on the Silicon Valley of the US, the project hadentailed an investment of Rs 1,850 crore. An area of 5,000acres was to be developed in the first phase and remaining inthe second phase.

Expected to be completed in 10 years, the project seekedto attract world-class companies involved in creation ofIntellectual Property, particularly those involved in softwaredevelopment, nano sciences, drug discovery, bio-technology,energy research and semiconductor research.

It would also boast of IT, University, Airport andBiotech. .

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