In the presence of Chief Minister Pinarayi Vijayan, the Vikram Sarabhai Space Centre (VSSC) and Kerala Space Park (K Space) inked a memorandum of agreement for the operation of the space park. According to a release from the Chief Minister's Office, VSSC scientists will be part of K Space's governing advisory committees and will offer direction and technical assistance for the development of the space park as part of the MoU. According to the statement, K-Space will take the required actions to draw in fresh capital and support the growth of the space industry.

According to a statement, it was noted that the collaboration would serve as a catalyst for advancing the Indian space sector by facilitating the manufacturing and servicing of high-quality and complex products. Additionally, it was mentioned that they would work together with potential investors to bring innovative ideas to commercial fruition.

The statement further indicated that Vijayan welcomed the development, emphasising that the space park would facilitate new initiatives through the partnership between ISRO and K Space.

At the ceremony, ISRO Chairman S Somnath, serving as the chief guest, expressed his belief that the space park would greatly benefit industries involved in space technology. He noted, as per the statement, that due to its proximity to VSSC, the space park held immense potential.

The Memorandum of Understanding (MoU) was signed on behalf of VSSC by Director S Unnikrishnan Nair and on behalf of K Space by Ratan U Kelkar, who serves as Chairman of the Executive Council and Secretary of the Electronics and Information Technology Department, the statement added. K Space is a strategic initiative of the Kerala government aimed at promoting the establishment of industries in key strategic domains such as space, aviation, and defence.