MC EXCLUSIVE IN-SPACe nears maiden venture fund investment, evaluates state bids for space clusters as international ties deepen: Pawan Goenka

Pawan K Goenka- IN-SPACe

The Indian National Space Promotion and Authorisation Centre (IN-SPACe), an autonomous Indian government agency that promotes, facilitates, and authorizes space activities by non-government private entities, is preparing to deploy its first investment under the Rs 1,000-crore venture fund this fiscal, having partnered with SIDBI earlier this month to support the private Indian space sector.

It is also reviewing manufacturing cluster proposals from multiple states, and is expanding international cooperation with Australia, Italy, Japan, the UAE and Singapore through joint investments and ventures, chairman Pawan Goenka tells Moneycontrol in an interview.

He said the fund manager and evaluation teams are already in place and have begun assessing shortlisted opportunities for the first investment.

Goenka also reiterated that IN-SPACe’s mandate includes evaluating national security, safety, legal compliance and international treaty obligations — a stance that has become critical amid interest from foreign players such as ChinaSat, APT Satellite and AsiaSat.

What is the status of the venture fund investments?

We signed the contract with SIDBI for the fund last week. Everything is done. They’ve already started their process. We had also been talking earlier also to explore opportunities. They are working on three or four leads that they have already discussed. The target is to make the first investment within this financial year.

Will it be only one investment this year?

Not necessarily. There could be more than one. Yes, everything has been in place for quite some time. The fund manager is there, the team is there. The Investment Committee will now be formed, and the advisory committee will also be set up.

What is the update on space manufacturing clusters?

At least seven or eight states have shown interest. Three have sent formal proposals. We will soon hold the first meeting to evaluate if any of these three meet all requirements.

Has the ongoing geopolitical situation or tariff war impacted India’s space sector?

Not right now. There is very little export of space hardware to the US, and imports have not changed. So there has been no impact so far.

A Pixxel-led consortium is building the Earth observation satellite constellation without government support. How do you view this development?

I see it as a very positive signal of the confidence the private sector has in commercial space opportunities. For a consortium to say, “We will spend Rs 1,200 crore without government money,” is significant—even though government support was available.

Any update on international collaborations? Last time you mentioned progress with Australia and some European countries.

We have made good progress with Australia, Italy, and Japan. We are also working with the UAE, Singapore, and some African countries. With Italy in particular, the collaboration is deeper. These are not just knowledge-sharing partnerships; joint ventures are also part of the discussions.

We now have three IN-SPACe approvals for satcom companies, and security trials are ongoing. How do you see satcom shaping up?

There are two parts. One is licensing, where they need a spectrum assignment. There is still the question of licensing fees, which is between DoT and TRAI—we have nothing to do with that. Once that is resolved and the spectrum is assigned, all these companies are reasonably ready to start service.

So there are no pending security or other approvals needed from IN-SPACe?

Not from IN-SPACe. And I am not aware if anything remains from the DoT side. As far as I know, it is just a matter of internally finalising the spectrum assignment process.

What about Amazon Kuiper’s application to IN-SPACe?

That is in process.

Are other companies also looking to enter the Indian satcom market?

Some international players—like Globalstar, the Apple partner—have applied. To the best of my knowledge, no applications have come for a full constellation. Applications so far are for single satellites, not constellations.

How do you see the satcom launch timeline now?

We are very close. It is only a matter of time before satcom services launch. These communication services will have their own niche. Terrestrial services will continue to dominate for the foreseeable future, but satcom will have a niche in connectivity and backhaul. Last-mile connectivity may still be terrestrial in many cases. They will co-exist. It is not about taking business away from terrestrial services—they serve very different scales of capacity.

There is also talk globally about direct-to-mobile satellite services.

Those will also remain niche.

How is IN-SPACe assessing national security risks related to Chinese satellite players like ChinaSat, APT Satellite (Apstar), and AsiaSat, who have reportedly sought approvals?

Whatever we have done is already in the public domain. But yes, IN-SPACe’s mandate includes security, safety, legal compliance, adherence to national treaties—all of that is evaluated.