Amendment status not verified — confirm the current text below against the official source.
(1) On incorporation of the University by the State Government by way of notification under sub-section (1) of Section 3 the State Government shall identify a consortium of Industry Partners for collaboration, based on the following criteria: (i) the investment of capital required for establishing the proposed University to be borne by the State Government and Industry Partners and recurring expenditure, as may be considered necessary during the first three years of operation, to be made available by the State Government; Establishment of University by the State Government and Industry Partners. [Act No.13 of 2024] 5 (ii) the expertise and standing of the Industry Partners proposed, in their respective sector; (iii) the assessment of the capability, financial and other resources of industry partners to support the University; (iv) the temporary campus of the University and Campuses for running the Skill Centers of the University, to be provided by the State Government free of cost; (v) the suitability of adequate land, to the extent of hundred acres, for building the permanent Campus to be provided by the State Government free of cost; (vi) the availability of, or the commitment of the State Government to make available, adequate physical infrastructure namely, water, electricity, road connectivity and security, at the proposed site. (2) The State Government shall enter into a memorandum of understanding or an agreement with the industry partners for the establishment of the University. (3) The industry partner shall: (i) actively participate in the governance of the University and the schools within the overall framework; (ii) support and facilitate various initiatives either through funding, collaboration or in any other manner; (iii) depute experienced individuals as adjunct faculty; (iv) co-create programs as per the requirements of the industry with the Institution; 6 [Act No.13 of 2024] (v) provide internship and apprenticeship to students from the University; (vi) facilitate for placement of students from the University. (4) Every memorandum of understanding or agreement referred to in sub-section (2) shall contain: (i) the investment proposal of capital in establishment of the University and the respective shares as may be prescribed; (ii) the first Statutes of the University; (iii) the commitment of the State Government, and the industry partner in operation and ensuring autonomy to the University; (iv) the conditions, if the industry partners pulls out.