The Union Cabinet, chaired by Prime Minister Narendra Modi, today approved the transfer of 10 in-orbit communication satellites from the Government of India (Gol) to M/s.NewSpace India Ltd. (NSIL), a wholly-owned Public Sector Enterprise under the administrative control of the Department of Space.
The Union Cabinet also approved increasing the authorised share capital of NSIL from Rs.1000 crore to Rs.7500 crore.
Transfer of these assets to NSIL will further provide the desired financial autonomy to the company to realize capital intensive programmes/projects and thereby offering huge employment potential and technology spin-off to other sectors of the economy.
This approval is expected to trigger domestic economic activity in the space sector and increase India’s share in the global space market.
The Space Sector reforms mandated NSIL to undertake end-to-end commercial space activities and function as a full-fledged satellite operator. The NSIL functioning as a single-window operator will also facilitate the ease of doing business in the space sector.
The NSIL Board will now be empowered to price the transponders as per the market dynamics and global trends in the Satellite Communication sector. The NSIL is also authorized to offer and allocate capacity as per its internal policies and guidelines.