US-based financial services major Goldman Sachs is learnt to be in talks with Hotmail co-founder Sabeer Bhatia to acquire about 33% stake in his ambitious Nano City project in Haryana. Sources said that the firm is looking at an investment of about $125-150 million.
The Nano City is being developed in Panipat, in a 90:10 joint venture (JV) between Mr Bhatia’s Nanoworks Developers and the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). The corporation holds 10% sweat equity in the Nano City for providing 25% of the land required. The project will be developed over 11,000 acres.
Only Nanoworks Developers will dilute its equity for the investment by Goldman Sachs and HSIIDC will hold on to its 10%.The fund infusion by Goldman Sachs or any other investor will help the developers speed up the multi-year project. In all, the Nano City is estimated to be developed at an investment of Rs 1,850 crore. Of this, over Rs 800 crore will go towards buying the land.
Read more in The Economic Times article.
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