Cabinet approves transfer of 10 in-orbit communications satellites to public sector company

The Union Cabinet has approved the transfer of 10 in-orbit communications satellites to the public sector company NSIL which is under the administrative control of the Space Department. In a statement, the firm said it had also approved the increase in the authorized share capital of NewSpace India Limited (NSIL) from Rs 1,000 crore to Rs 7,500 crore.

“The transfer of these assets to NSIL will further provide the desired financial autonomy for the company to carry out capital-intensive programs/projects and thus offer enormous employment potential and technological spin-offs to other sectors of the industry. economy,” he said.

The approval is expected to trigger national economic activity in the space sector and increase India’s share in the global space market, according to the statement.

Space sector reforms have mandated NSIL to undertake end-to-end commercial space operations and operate as a full-fledged satellite operator.

“NSIL’s operation as a one-stop-shop operator will also facilitate the ease of doing business in the space sector. NSIL’s Board of Directors will now have the authority to set the price of transponders based on market dynamics and global trends in the satellite communications industry. NSIL is also authorized to offer and allocate capacity in accordance with its internal policies and guidelines,” he added.