Papaya fruits are highly perishable, with over 25% post-harvest losses which further rise during storage. To prevent these losses, we attempted to convert papaya slices into intermediate moisture (IM) slices using a novel combination-technology which included a combination of osmotic removal of water by sugar syrup (60°B) containing various preservatives/additives, and, added use of chemicals such as CaCl2, citric acid, sodium metabisulphite or potassium metabisulphite (KMS), to reduce water activity. The osmosed slices were surfacedried and analyzed for physico-chemical characters and sensory attributes. Further, the product was stored upto six months at LT (Low Temperature) (4±1°C) and assessed for composition, stability and sensory attributes. Steam blanching of papaya slices, followed by osmosis in sugar solution of 60°B syrup containing a combination of preservatives, viz., citric acid 0.5%, CaCl2 0.5%, sodium metabisulphite 75ppm and KMS 350ppm, was superior as a treatment in terms of quality and stability of the product. These findings can help reduce postharvest losses in papaya by providing a technology for preparing a ready-to-eat (RTE), nutrient rich intermediate-moisture product with good taste and flavour.