The Indian Space Research Organisation’s (ISRO) new commercial arm called NewSpace India Limited (NSIL) was officially inaugurated in Bengaluru. on 6 March 2019, the Department of Space (DoS) registered its second commercial entity called NSIL in ISRO.
- The first commercial venture of DoS was Antrix Corporation Limited, which was set up in September 1992 to market products and services of Indian Space Research Organisation (ISRO).
- NSIL is provided an authorised share capital worth Rs.100 crore and initial paid up capital of Rs.10 crore.
- NSIL’s main objective is to scale up industry participation in Indian space programmes.
- It will act as an aggregator for all space related activities in industry. It will also develop private entrepreneurship in space related technologies.
- It will be responsible for production and manufacturing of commercially successful Small Satellite Launch Vehicle (SSLV) and Polar Satellite Launch Vehicle (PSLV) spacecraft launchers via technology transfer mechanisms.
- NSIL would soon organise an interaction workshop with industry (in Bengaluru) where it would seek industry’s feedback and also their expression of interest to take a newer and larger share of work with ISRO.