Thiruvananthapuram: State-run Kerala State Industrial Development Corp (KSIDC) will set up a state-of-the-art life science park near here, it was announced on Saturday.

The Rs.3 billion (Rs.300 crore) project would be developed under public-private partnership model, a KSIDC release said.

The park will come up in 260 acres at Thonnakkal, about 25 km from here.

"It will be a geographic cluster of industries in the field of biotechnology or nanotechnology, research institutions and sci-tech academia," the release said.

KSIDC also envisages a separate company, Trivandrum Life Sciences Park Co, for developing the park.

The park will house an incubation centre, a technology development centre, biotechnology companies, drug discovery companies, pure play firms and also contract research outsourcing units, the statement said.

It added that the park would address the IT related needs of the rapidly emerging life sciences industry and attract huge investments in related areas. IANS