Chennai, Aug 21 (KNN) The Software Technology Parks of India set up by the Ministry of Electronics and Information Technology  is planning to establish an incubation centre that would require investments of Rs 40 crore.

To set up the STPI-IT (information technology) incubation centre at the Government College of Technology, Coimbatore, the government has allotted three acres of land, Omkar Rai, STPI director-general said here.

A memorandum of understanding (MoU) was signed in to set up the incubation centre in the presence of secretary to the department of higher education Mangat Ram Sharam and Omkar Rai.

"The expected index of investments here will be Rs 40 crore. It will also give a boost to the entrepreneurs and exports from the region," Rai told the media persons. The STPI will create a state-of-the-art incubation centre to provide raw and plug-in-play incubation facility to the industry especially for entrepreneurs and start-ups," he said.

Stressing on the importance of this park he added, “This initiative will further make the relationship of the industry-academia even stronger and offer a platform for 'Future-Ready Technology', especially in Coimbatore. Through this, the graduates can be turned into professionals by giving special training in blockchain, artificial intelligence, machine learning and internet of things”.