Complex sentence: It has now acquired University status u/s 3 of UGC Act, 1956 and is now called as GITAM UNIVERSITY and it was ranked the best private college in Andhra pradesh by Outlook (1) India magazine (recent survey-2007).
Split into simpler sentences: It has now acquired University status u/s 3 of UGC Act, 1956 and is now called GITAM University. It was ranked the best private college in Andhra Pradesh by Outlook magazine (recent survey-2007).