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The Vizag Industrial Training Institute cluster is being upgraded under the PM-SETU scheme after securing the first approval of its kind in India.
A tripartite agreement or shareholders pact was signed involving the government, the Andhra Pradesh government, and ArcelorMittal Nippon Steel India.
The plan covers four government ITIs and carries an outlay or approved investment of Rs 200 crore.
AM/NS India will hold a 51 per cent or 51 percent stake in the special purpose vehicle that will manage the project.
Why it mattersThe upgrade could modernize local skills training and set a national precedent for how industrial training clusters receive central funding.
More context
HRD Minister Nara Lokesh said the initiative is intended to improve student employability by giving young people job-ready practical skills for modern manufacturing employers.
The reporting says the upgrade is aimed at strengthening vocational education and technical training in Visakhapatnam.