VUDA, STPI to set up IT incubation centre in Vizag.

VUDA and STPI will enter into a Memorandum of Understanding to create software facilities in eight floors in a site on the VUDA premises at Siripuram in the heart of the city.

The modalities to enter into the MoU are being worked out, according to VUDA Vice-Chairman N. Yuvaraj. The project to create 1.25 lakh square feet of space will be taken up at a total cost of Rs.25 crore of which STPI will bring in Rs.16 crore. VUDA will contribute the land and foot the remaining cost.

The details have been discussed including the design have been discussed and STPI agreed, in principle, to take up the project in collaboration with VUDA. Land will not be transferred to STPI and the space created will be shared in proportion to the investments made by STPI and VUDA. The space will be transferred to VUDA once STPI gets back its investment, Dr. Yuvaraj told reporters.