The Gujarat government has given consent for setting up an international centre of excellence to nurture youth into entrepreneurs, which will be guided by chairman and founder mentor of Infosys, N R Narayana Murthy.

"A company -- Gujarat Entrepreneurship Venture Promotion Foundation -- has inked an MoU with Gujarat Mineral Development Corporation for establishing a world-class Centre of Excellence (COE)," said B H Jajoo, Dean, IIM Ahmedabad, who will be a member of its governing body.

"Post the MoU, GMDC and GEVPF will set up a company -- Gujarat Foundation Entrepreneurship Excellence -- which will establish the COE," Jajoo said.

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The process of registering GFEE has begun, a government official said.

"GEVPF has formed a 50:50 joint venture with GMDC for establishing an international COE in the state for incubation, proposed to be guided by N R Narayana Murthy," GMDC managing director V S Gadhavi said.

Gujarat Chief Minister Narendra Modi had on Tuesday proposed that Murthy steer a world-class incubation centre in the state, aimed at grooming entrepreneurs.

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Modi had said the centre would be a fully autonomous human resources development body.

"The role which Murthy would play in the centre is yet not decided, as it has been left to him to take a final decision, owing to his tight schedules and other commitments," Gadhavi said.

"GFEE will be an independent entity constituted under section 25 of Companies Act. It will focus on promoting new-age entrepreneurship in the state," Gadhavi said, adding that initially both the parties (GEVPF and GMDC) will have share capital of Rs 500,000 each.

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Modi had said the centre would be a fully autonomous human resources development body.

"The role which Murthy would play in the centre is yet not decided, as it has been left to him to take a final decision, owing to his tight schedules and other commitments," Gadhavi said.

"GFEE will be an independent entity constituted under section 25 of Companies Act. It will focus on promoting new-age entrepreneurship in the state," Gadhavi said, adding that initially both the parties (GEVPF and GMDC) will have share capital of Rs 500,000 each.

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"The objective of COE will be to promote innovative ideas of youths, and nurture them, so that those ideas can be converted into successful business ventures," Gadhavi said.

"The COE comprises academicians like Dean IIM-A  B H Jajoo, director general-Nirma University Dr N V Vasani, Prof Madhu Mehta, and Prof Tyagarajan."

Vasani said, "It will be an international centre to promote cutting-edge technology in sectors like IT, bio-technology, nano-technology. The possibility of collaboration with overseas institutions will also be explored, as in Israel."

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