LVM3 and SSLV to be manufactured by private firms soon: Former Isro chief Somanath

Somanath was speaking at a discussion on the ‘Future of Commercial Space’ at Invest Karnataka-2025 being held in Bengaluru.

An industry consortium of the state-run Hindustan Aeronautics Limited and private firm Larsen & Toubro is building the first privately manufactured PSLV, which is expected to be launched later this year.

The government has cleared a project for reusable rockets that will be developed in six to seven years, he said, calling for measures to explore how the development of the rocket could be accelerated.

On the Rs 1,000 crore Venture Capital fund set up to support startups in the space sector, he said that the purpose “was not really to fund any company in terms of their full demand of money. It is only confidence to (other) investors (and) to show that the company has been seen by space professionals and found great utility in it.”

This funding will allow additional investments to flow into the startups working in the sector, Somanath added.