The Union Cabinet, chaired by Prime Minister Narendra Modi, on June 8 approved the transfer of 10 in-orbit communication satellites from the government of India to NewSpace India Ltd (NSIL), a commercial arm of ISRO.
The Cabinet has also approved increasing the authorised share capital of NSIL from Rs 1,000 crore to Rs 7,500 crore.
“NSIL functioning as a single-window operator will also facilitate the ease of doing business in the space sector. NSIL Board will now be empowered to price the transponders as per the market dynamics and global trends in the satellite communication sector. NSIL is also authorised to offer and allocate capacity as per its internal policies and guidelines,” it added.
The transfer of these assets to NSIL will further provide the desired financial autonomy to the company to realise capital-intensive programmes or projects, thereby offering huge employment potential and technology spin-off to other sectors of the economy.
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