Chandigarh: The proposal for setting up a ‘Nano City’ to be promoted by Sabeer Bhatia, creator of Hotmail, as a joint venture with the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) was cleared by the state government on Friday, an official spokesman said.
The clearance for the HSIIDC and Nano Works Developers Private Limited, a company promoted by Bhatia, was given at a meeting of the Haryana Investment Promotion Board (HIPB) held under the chairmanship of Chief Minister Bhupinder Singh Hooda.
The city, to promote work and research in nanotechnology, would be developed over an area of 5,000 acre in Panchkula district in the first phase and additional 6,000 acre would be added in the second phase.
Bhatia, who was present during the meeting, has committed to mobilise Rs 2,500 crore initially, the spokesman said.
It was decided that the exact quantum of equity of the HSIIDC would be finalised after the preparation of the detailed project report.
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