Nano City yet to find a foreign investor

Written by Preeti Parashar | Chandigarh | Updated: May 14 2010, 03:50am hrs
Amidst speculations that Nano city, the much touted project of Hotmail man Sabeer Bhatia proposed to come up at Raipur Rani in Haryana will soon have a foreign investor, the project is still hanging fire. Though the company promoted by Bhatia claims to be in talks with foreign investors to pump in more equity, things are yet to take a final shape. Earlier the foreign investor was expected to be roped in by April but the decision is still pending.

Talking to FE, Naval Bhatia, managing director of the SPV floated for the project- nano city haryana infrastructure said that the discussions are on with the potential foreign investors and due diligence is being taken. The modalities regarding the offloading of equity share etc are being worked out and things are expected to be finalized by the end of this month, said Bhatia. On the other hand the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), that owns 10% equity stake in the SPV, has asked the promoters of nanocity to submit the final draft of the detailed project report by end of May.