The Union Cabinet approved the transfer of 10 in-orbit communication satellites from the government to NewSpace India Limited, a wholly-owned public sector enterprise under the Department of Space, for ease of space business.
“The space sector reforms mandated NSIL to undertake end-to-end commercial space activities and function as a full-fledged satellite operator. ” “It’s functioning as a single-window operator will facilitate the ease of doing business in the space sector," read a statement.
The Cabinet also gave nod to increasing the authorised share capital of NSIL from Rs 1,000 crore to Rs 7,500 crore. It aslo approved the transfer of assets is further likely to provide the desired financial autonomy.