New Delhi: Finance Minister, in her maiden budget speech, announced the incorporation of New Space India Limited (NSIL).
NSIL would be the financial arm of the state-run Indian Space Research Organisation (ISRO).
NSIL would be entrusted with the task of marketing of space products, transfers of technology and arranging commercial space launches with ISRO.
Presently, these functions are performed by Antrix Corporation which works under the Department of Space. The budget speech didn’t find the mention of Antrix Corporation being replaced by NSIL.
Antrix Corporation was in news due to its overlapping management structure with ISRO, The Indian Express reported.