The Kerala government earlier this week accorded administrative sanction for an amount of ₹16 crore for various projects and expenses this year at the Bio 360 Life Science Park, under the Kerala State Industrial Development Corporation. New facilities including a biotech incubation building and central laboratory facility as well as common facilities such as effluent treatment plants, sewage treatment plants and surveillance cameras are to be set up at the park at Thonnakkal in Thiruvananthapuram in the upcoming year.

The Life Science Park was envisaged in 2017 to promote investments and employment in the life sciences, biotechnology and nanotechnology sectors. The project was planned as a geographical cluster of industries and R&D institutions and is being developed in a phased manner over a total area of 260 acres. An extent of 75 acres of land has been envisaged for the first phase of the project and an extent of 123 acres for the second phase.

The total estimated requirement for the park in the current financial year is ₹77.02 crore, with the State government providing a share of ₹16 crore. Land acquisition will require a total amount of ₹50 crore, while the construction of a biotech incubation building is estimated to cost ₹14 crore.