March 27, 2023

Disha Shakti News

New Hopes New Visions

ISRO’s NewSpace India Ltd to invest Rs 10,000 Cr in 5 years

NSIL, incorporated as a wholly government owned Central Public Sector Enterprise (CPSE) with a paid-up capital of Rs 10 crore on March 6, 2019, would raise Rs 2,000 crore a year through a mix of equity and debt, Chairman and Managing Director G Narayanan told reporters here.
The company, under the Department of Space (Dos), launched its first dedicated commercial mission on February 28, orbiting Brazilian satellite Amazonia-1 from Sriharikota spaceport of the city-headquartered Indian Space Research Organisation (ISRO).
“We expect an investment of approximately Rs 2,000 crore per year starting next year or year after. That is the kind of investment we are seeking to do, and our resources, manpower…we are targeting a requirement of approximately 300 people in about 5 years from now,” Narayanan said in response to a question.
Noting that the NSIL has an authorised capital of Rs 100 crore, he said the 2021-22 union budget had allocated Rs 700 crore to the company. “ it will be taken into the company is being worked out…it may happen by next financial year,” the official added.
Report by Chetali S M
Reported on – 13/03/2021

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