The college is the first self-financing professional institution in the state under the co-operative sector.
The cabinet also accorded sanction to a draft bill in this regard, an official release said.
The decision to recommend Governor P Sathasivam to issue the ordinance to take over The Academy of Medical Science, popularly known as Pariyaram Medical College, was taken at a cabinet meeting, presided over by Chief Minister Pinarayi Vijayan.
The decision to promulgate an ordinance in this regard was taken as the government wants to provide affordable treatment to patients in the northern parts of the state.
The cooperative society, which runs the institution, had earlier urged the Centre to take over the college as it was finding it difficult to run it.
The LDF government in 1997 had taken over the medical college, but the Congress-led UDF that came to power handed over the institution back to the society.
The UDF government in 2011-16 also decided to take over the Institution, but it could not implement the decision.
After the LDF came to power in May 2016, the take over process commenced, the release added.
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