In a statement the NITT said, a memorandum of understanding (MoU) had also been signed with the ISRO.
According to the NITT, the S-TIC was first of its kind incubation centre in the southern region of India. It aims to develop innovative indigenous technologies that could be used for ISRO projects and which will help lower the cost significantly.
The (S-TIC) "will incubate startups to build applications and products in tandem with the industry and they would be used in future space missions," said Sivan during his inaugural speech.
According to the NITT, the S-TIC is a novel concept conceived by the ISRO to tie up the academia, industry and research and development (R&D) institutions in different regions of the country.
It is expected to inculcate research culture among students. The final year students will be exposed to the problems of relevance and importance to the ISRO and proof of concept or prototype developed by them will be validated through tied-up industries.
"The products once realised will be validated and qualified in the existing facilities of the ISRO. Once qualified, they can be inducted in the ongoing ISRO projects and a buyback arrangement can be made," the NIIT said.
( With inputs from IANS )