The Chamber of Marathwada Industries and Agriculture (CMIA) signed a contract with a state-run innovation outfit to set up a business incubation centre in Aurangabad in Maharashtra, an official said on Friday.
The contract was signed by the Marathwada Accelerator for Growth and Incubation Council (MAGIC), part of the CMIA, and the Maharashtra State Innovation Society (MSInS) under the state government's Department of Skill Development and Entrepreneurship.
"The business incubation centre will encourage start- ups and entrepreneurship in Marathwada region. It will set up regional, national and global linkages, including a network of mentors, to help start-ups," MAGIC director Ashish Garde told PTI.
As part of the agreement, MAGIC will get grants of Rs 5 crore for a period of five years from the MSInS, he said.
The move will help firms to avail benefits under the Maharashtra State Innovative Startup Policy 2018, he added.
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