Real estate developer Parsvnath on 15th July tied up with Sabeer Bhatia, co-founder of  Hotmail, to develop a Rs 50,000-crore knowledge city project in Haryana.

The Parsvnath Nano City project would come up in Panchkula near Chandigarh. The realty firm would invest about Rs 400 crore in the form of equity and debt in the project, Parsvanath Developers (PDL) Chairman Pradeep Jain told reporters here.

“It is a public-private partnership project in which Haryana government will have 10% equity stake, Parsvnath developers will have 38 % and the remaining 52 % will be with Sabeer Bhatia promoted group,” he added.

The project, spread over 1,000 acres of land and modelled on Silicon Valley, would be completed in two phases over the next 10 years, where the company would develop 5,000 acres in the first phase and the remaining would be developed in the second phase.