India to move towards harnessing its space capability commercially, New Space India Limited (NSIL) incorporated towards this end

India to move towards harnessing its space capability commercially, New Space India Limited (NSIL) incorporated towards this end

Company to spearhead commercialization of various space products

New Space India Limited (NSIL) has been incorporated as a new commercial arm of Department of Space. This was stated by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament today.

The Finance Minister said that India has emerged as a major space power with the technology and ability to launch satellites and other space products at globally low cost. Time has come to harness this ability commercially. A Public Sector Enterprise viz. New Space India Limited (NSIL) has been incorporated as a new commercial arm of Department of Space to tap the benefits of the Research & Development carried out by ISRO.

The Company will spearhead commercialization of various space products including production of launch vehicles, transfer of technologies and marketing of space products, the Minister added.