Cabinet approves switch of 10 in-orbit communication satellites to public sector enterprise

By PTI

NEW DELHI: The Union Cabinet has permitted the switch of 10 in-orbit communication satellites to public sector enterprise NSIL which is underneath the executive management of the Department of Space.

In an announcement, the cabinet stated it has additionally permitted growing the authorised share capital of NewSpace India Limited (NSIL) from Rs 1,000 crore to Rs 7,500 crore.

“Transfer of these assets to NSIL will further provide the desired financial autonomy to the company to realise capital intensive programmes/projects and thereby, offering huge employment potential and technology spin-off to other sectors of the economy,” it stated.

This approval is predicted to set off home financial exercise in area sector and enhance India’s share within the international area market, the assertion stated.

The area sector reforms mandated NSIL to undertake end-to-end industrial area actions and performance as a full-fledged satellite tv for pc operator.

“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.