Upcoming ISRO projects may drive MTAR's business growth, says MD

Centre is now looking at ISRO with emphasis on research and development

While India scripted history on August 23 by becoming the first country ever to land a rover near the Moon’s South Pole, Hyderabad-based MTAR Technologies played an important role by providing key parts for the Chandrayaan-3 mission.

MTAR Technologies provided crucial components such as Vikas engines, cryogenic engines, and various sub-systems. A leading private sector player in the precision engineering industry, MTAR has been supplying equipment to several national projects, including India's space, civilian nuclear power, and defence projects.

Also Read | A breakdown of Chandrayaan-3's key components

"We would definitely see a lot more launches happening. There are critical launches in the future, as the Chairman of ISRO mentioned earlier regarding Gaganyaan, and other launches. These will definitely help MTAR expand the scope of business with ISRO moving forward," Srinivas Reddy, Managing Director of MTAR Technologies, told CNBC-TV18 while explaining the future prospects for the company in the space sector.

According to Reddy, previously, ISRO coordinated the sourcing of diverse systems from multiple private enterprises. But now the Centre has directed its attention towards ISRO with a specific emphasis on research and development activities.

Also Read | Team effort: Companies behind the Chandrayaan-3 mission

"Therefore, it is important to note that these two endeavours will occur concurrently. It's unlikely that ISRO's launch activities or its coordination of various needs will cease. However, there will also be substantial backing for the private sector to autonomously produce entire systems. As such, both these activities will unfold side by side over the next five to 10 years," Reddy told CNBC-TV18.

ISRO's upcoming projects, such as Gaganyaan, Aditya L-1, and NISAR, could give a boost to MTAR Technologies' business and provide it with a platform to diversify and expand its operations.

India’s space economy was valued at over $9.6 billion in 2020. By 2025, this is estimated to rise to $13 billion, according to EY India.