STPI to go ahead with JV for incubation tower.

Software Technology Parks of India has agreed to set up an incubation centre at Rushikonda in addition to taking land from Visakhapatnam Urban Development Authority (VUDA) at Siripuram to go ahead on a joint venture for a huge tower to encourage incubation.

These promises were made by STPI Director General Omkar Rao when Visakhapatnam MP K. Haribabu met him during his visit to the city.

The joint venture proposal was hanging fire for a long time as VUDA and STPI could not come to an understanding on the joint venture.

The vacant land at Siripuram which belongs to VUDA, will be given on a 66-year lease to STPI for developing the incubation centre, according to Vizag Development Forum vice-president O. Naresh Kumar.

The incubation centre for starts-ups at Rushikonda belonging to APIIC will be acquired by STPI. The MP asked APIIC to allot the land to STPI, Mr. Naresh Kumar said.

Thanking the MP for the initiative, he said the State government was also planning to develop another startup village in four acres at Rushikonda.

THE HINDU