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Hotmail creator's plans for new IT city take shape
SINGAPORE: On the sidelines of Forbes Global CEO conference in Singapore, Sabeer Bhatia told reporters that the ?nano-city? project would cost around $3 billion to $4 billion, with investments spread over a 12-year period. He also stated that he intends to occupy the lead managerial role in the project. The ramp up in efforts to raise the investment comes after he got a go ahead from the state government of Haryana on September 1. The hotmail creator?s dream city is slated to be a joint venture with the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). Bahtia?s "Silicon Valley", about which he had announced his plans to set up back in April, will be located in Gurgaon, at a three-hour drive from New Delhi, and will involve $500 million of investment in the first phase. ?I want it to be a place where entrepreneurs, technology workers, and venture capitalists co-exist in a bid to spur innovation,? said Bhatia of the public-private partnership project. The initial goal for the city, he said, was to achieve the highest per capita income in India. ?Once we have achieved that, we will endeavor to make it the highest in Asia, and finally one of the highest in the world?.