The cabinet has decided to register Kerala Space Park as a Society by the name K-Space, under the Travancore Cochin Literary Scientific Charitable Societies Registration Act, 1955.
The government also decided to hand over 18.56 acres from the land owned by the Technopark in the capital for the space park society. The cabinet has also decided to grant Rs 2 crore as seed capital for the society.
The draft agreement and the rules of the proposed society have been cleared by the government. The cabinet also decided to create 10 posts on contract basis in the new society. Those employees who are in excess in the IT parks, Kerala Startup Mission and Kerala State IT Ltd will be given priority for appointment in the society on contract basis.
The Space Park was launched by the State Government to attract global startups working in the space sector, under the Kerala State IT Infrastructure Ltd. The state government had also joined hands with the VSSC to develop the Space Park. Later, when the gold smuggling row hit the government, one of the main allegations was that Swapna Suresh, one of the key accused in the case, was employed in the Space Park despite that she did not have required qualifications.