Mumbai: Realty major Parsvnath Developers has picked up a 38 per cent stake in internet entrepreneur Sabeer Bhatia's Nano City Haryana project, the company said.

Parsvanath will invest Rs400 crore ($100 million), as equity and debt in Nano City Haryana Ltd, its chairman Pradeep Jain said.

Parsvnath will develop 5,000 acres of the 11,000-acre mega-project in the first phase, he said.

''The knowledge city would be divided into four districts - IT, university, airport and biotech" and the project would be completed in the next 10 years, Jain said.

Of the total Rs400 crore Parsvnath investments, Rs41.5 crore would be for a 38 per cent stake in the project and the rest would be debt, he said.

The Bhatia-promoted Nano City group will hold 52 per cent in the company, and the rest will be with the Haryana government.

The knowledge city will raise funds for itself through debt and through stake sales to private equity firms, Jain said, adding he hoped to float it in 18-24 months.

Bhatia said the Nano City will be the future model of infrastructure development in the country as it shifts from a service-based economy to knowledge-based economy.

"Nano-technology is the future, and this city will host dozens of high-tech research-oriented projects on the Silicon Valley model," he said.