T-HUB – Country’s Largest Tech Incubator to be Inaugurated by Ratan Tata Tomorrow
Bengaluru, India | Red Newswire | Thu, Nov 05, 2015, 01:58 PM IST
Telangana government is launching another initiative tomorrow which is being dubbed as the largest technology incubator in the country. The ‘T-Hub’ will be inaugurated by Ratan Tata. Presently the government is in talks with Tata to invest in this project apart from many other investors. A senior official said, “We are talking to five or six parties including Tatas requesting investments into the T-Hub. They are in the discussion stage. We expect some development shortly.”
Ratan Tata, Tata Chairman will be launching the first phase of T-Hub along with Governor E S L Narasimhan. The Indian School of Business (ISB), NALSAR University of Law, International Institute of Information Technology (IIIT, Hyderabad) and other organizations will collaborate on this project.
K T Rama Rao, IT Minister of Telangana said earlier that the 2nd phase of the project will be ready by the next three years. The 2nd phase of the tech incubator will be spread in an area of 3,00,000 sq ft with an estimated budget of Rs. 150 crore.
Already an amount of Rs. 40 crore has been invested by the state government for a 70,000 sq ft facility that is to be constructed on IIIT campus. Rao said that the government is seeking support from University of Texas (Houston) and MIT Media Labs for building the tech hub. He further added that the initial fund investment is of Rs. 10 crore which is scalable to Rs. 650 crore. Government has already sought support from 20 venture capitalists.
According to the reports, 120 organizations and startups have already registered to occupy cabins and 200 other applicants are in the queue.