Prof. Prasad Reddy said under RUSA grants, a joint venture has been signed with Ramky Pharmacy for formulation and technology. Andhra University will have 52 percent share in the company. Around 40 pharmaceutical companies have tied up with the facility. (File image)
Vishakapatnam: The century-old Andhra University in Visakhapatnam is embarked on setting up start-ups and research laboratories, which will become revenue generators for the university, making it self-sufficient.
Announcing this on Sunday AU vice chancellor Prof. P.V.G.D. Prasad Reddy said the university has already created space for 77 start-ups at its new facility in Andhra University Engineering College, six of which have already started functioning.
"The remaining 71 start-ups will start functioning from next week or fortnight," Prof Prasad Reddy told this correspondent on Sunday. He maintained that through start-ups and research labs, for which the university will need an annual expenditure of 600 crore, AU is looking to contribute to Prime Minister Narendra Modi’s dream of making India a $5 trillion economy.
"We have vast basic infrastructure and experienced faculty to guide youngsters in their start-ups and research,’’ the vice chancellor maintained. He asserted that Andhra University is the only one among 800 state universities in the country to go out of the box and vouch for start-ups and incubation centres, along with high-end research facilities.
Prof. Prasad Reddy said companies evincing interest in setting up start-ups will be screened and given space in the new facility. These, in turn, will take university students as interns, which help youngsters earn money as well as experience, he pointed out.
The other strategy is to permit large companies to set up their facility, which will start paying the university 20 percent of the revenue as specified by the central government after a three-year period. The university, on its part, will guide them in marketing, branding and earning patents.
Among other things, the vice chancellor said Nasscom and central government have provided 72 crore for to AU for setting up research facilities and developing IoT (internet of things) and machine learning.
A Vizag-based NRI is setting up a facility to provide manpower to top IT companies in India as well as abroad. Similarly, a drone technology institution will start functioning to train youngsters in conducting research and improve drones with new technology.
Prof. Prasad Reddy said under RUSA grants, a joint venture has been signed with Ramky Pharmacy for formulation and technology. Andhra University will have 52 percent share in the company. Around 40 pharmaceutical companies have tied up with the facility.
The vice chancellor further said Avanti Feeds has funded 6 crore for research in marine living sources. RINL has also funded a study of medical genetics with focus on bio ardour, he added.