The space PSU, NewSpace India — which was formed to commercially exploit the R&D work of ISRO, and co-produce PSLV and launch satellites through SSLVs — also got a huge capital boost.
The Union Cabinet, chaired by Prime Minister Narendra Modi, on June 8 approved the transfer of 10 in-orbit communication satellites from the government of India to NewSpace India Ltd (NSIL), a commercial arm of ISRO.
The Cabinet has also approved increasing the authorised share capital of NSIL from Rs 1,000 crore to Rs 7,500 crore.
This approval is expected to trigger domestic economic activity in the space sector and increase India's share in the global space market.
The Indian Space Research Organisation (ISRO) has formed NewSpace India, a public sector undertaking that will commercially exploit the research and development work of the space agency, co-produce PSLV and launch satellites through SSLVs.
The functions of NSIL will involve small satellite technology transfer to industry, manufacture of Small Satellite Launch Vehicle (SSLV) — which is being developed by the ISRO in collaboration with the private sector — and productionisation of Polar Satellite Launch Vehicle (PSLV) through Indian industry.
The space PSU will also look after the productionisation and marketing of space-based products and services — including launch and application — developed by ISRO centres and the constituent units of the Department of Space and marketing spin-off technologies and products and services both in India and abroad.