The Software Technology Parks of India (STPI) will set up an incubation centre onAndhra Universitycampus. A memorandum of understanding will be signed with regard to the same on July 6, following which the foundation stone for construction of the AU-STPI hub will be laid in the next two-three weeks.
The building, to be built at a cost of 60 crore, will come up on AU engineering college premises and will mentor startups from the IT/ITeS sector that provide technological solutions to different domains. 19.5 crore has already been sanctioned for the project.
Meanwhile, the AU-STPI-RINL Centre for Excellence for 4.0 will be operationalised on July 6. The five-year project will be shifted to AU campus after functioning for two years at RINL-Vizag steel plant. TheCoEwill bolster research, innovation, product development, and empower startups to build innovative products to address challenges of various industries.