Visakhapatnam: Officials of STPI and Vuda on Thursday signed an MoU for setting up Incubation centre in Vizag.
The MoU was signed by the STPI director C.V.D. Ram Prasad and Vuda vice-chairman T. Baburao Naidu in the presence of Union IT minister Ravi Shankar Prasad, Union Urban Development minister M. Venkaiah Naidu and Chief Minister Nara Chandrababu Naidu.
The Centre will be jointly set up by the STPI and the Vuda, at a cost of Rs 62.70 crore and the Vuda will provide land worth Rs 16.7 crore free of cost for the incubation centre. The STPI will bare the establishment cost of Rs 46 crore and it will be ready by April 2018.
The incubation centre will provide an employment for 2,500 persons and able to achieve IT exports worth Rs 300 crore. It can accommodate 50 units.
It will come up in Siripuram, adjacent to Vuda office building with 8 floors and 62,000 sft space. Vuda would monitor the project.
