HAL emerged as the highest bidder with a bid of Rs 511 crore, surpassing two other consortiums that participated in the commercial bidding process -- one led by Bengaluru-based Alpha Design and the other by Hyderabad-based Bharat Dynamics Limited (BDL).
ISRO has so far launched 127 Indian satellites, including those developed by private players and academic institutions. Of these, 22 are in low Earth orbit and 29 in geosynchronous orbit, operated by the central government.
Space regulator Indian Space Promotion and Authorisation Centre chairman Pawan K Goenka also said that the regulator will be driving application of home grown navigation system NavIC by developing use cases and urging industry to adopt them
Indian Space Promotion and Authorisation Centre will work towards simplifying the "information flow", said its chairperson Pawan Kumar Goenka
India can tap into the space market if more startups demonstrate the nation's ability to succeed in the space industry, which would attract more investors
At present, India constitutes less than 2 percent of the global space economy