It will be better then the Silicon Valley, says Sabeer Bhatia
It will be a JV between HSIIDC and Bhatia's companyThe city will have an area of 5,000 acres in the first phase Hooda hopes city would attract best entrepreneurs
CHANDIGARH: The Haryana Investment Promotion Board on Thursday approved establishment of Nano City in a phased manner as a joint venture between the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and Nano Works Developers Private Ltd, a company promoted by Sabeer Bhatia, the much talked about creator of Hotmail.
Disclosing this here after the meeting, Chief Minister Bhupinder Singh Hooda said it was decided that the exact quantum of HSIIDC equity would be finalised after the preparation of the detailed project report. It was decided that the city would be developed over an area of 5,000 acres in the first phase and an additional 6,000 acres would be added in the second phase.
Mr. Bhatia is committed to mobilising Rs.2,500 crores initially and it might go up to Rs 5,000 crores. Mr. Hooda said that a special purpose vehicle called nanocity.in would be formed by the HSIIDC and Nano Works Developers for implementation of the project.
It was decided that the State Government would acquire 50 per cent of the land for the project. He disclosed that the city was aimed at attracting the country's best talent and it would allow for retention of India's human resource capital within the shoreline. "`Nano City would attract the best entrepreneurs across the world by providing quality manpower, one-stop clearance for projects, uninterrupted supply of water and power, excellent communication network, including telecommunication and Internet. It would have an easy access to international and domestic airports,'' he added.
While lauding the vision of Mr. Hooda to make Haryana No. One State, Mr. Bhatia said that Nano City would be better than the Silicon Valley, eco-friendly and sustainable. He added that his company would be responsible for marketing of the project to truly world-class research and development and educational institutions from India and overseas, in addition to user companies in the field of cutting edge technologies in health, industry, research and consulting, pharmaceuticals, medical, agriculture, food and beverages and environment industries.
The Board also considered three other proposals for grant of special concessions being given to prestigious projects under the industrial policy. These included Grasim Industries for setting up a cement grinding unit, Gujarat Ambuja Cement and J.K. Cement for similar projects at Panipat.