Visakhapatnam: An MoU has been signed between STPI, STPINEXT and RINL, Visakhapatnam, for Industry 4.0 for promotion of innovation and startup activities for RINL and other industries in and around Visakhapatnam. The MoU was exchanged between Atul Bhatt, CMD, RINL and Dr CVD Ram Prasad, Director, STPI.

Speaking on the occasion, Bhatt said that the setting up of the Centre of Excellence (CoE) is the need of the hour and it will become an example of industry and academia interface where everyone will come out with a solution which will benefit the country and will usher in a nationwide movement in digitalisation in steel industry.

“India is now becoming the epicentre of steel making in the World and India stands as the second largest steel producer in the world and I hope that Vizag will become the hub of providing solutions in steel making to the country,” added Bhatt. The Centre for Excellence will go a long way in supporting the Atma Nirbhar Bharat campaign and in incubating start-ups from ideation to product development in Industry 4.0

The MoU envisages a strong co-operation in mentoring, access to infrastructure and facilities, networking and funding. STPI and STPINEXT and RINL will enable budding start-up companies to make world class products in the area of Industry 4.0. It is planned to incubate around 50 start-ups in physical mode and 125 start-ups in virtual mode over a period of 5 years. /BI/