Cabinet approves transfer of 10 In-orbit Communication Satellites

New Delhi, June 8 (IANS) The Union Cabinet on Wednesday approved transfer of 10 In-orbit communication satellites from Government of India to New Space India Ltd. (NSIL) -- a wholly owned public sector enterprise under the administrative control of the Department of Space.The Union Cabinet chaired by Prime Minister Narendra Modi has approved the transfer. The Union Cabinet has also approved increasing the authorised share capital of the NSIL from Rs 1,000 crore to Rs 7,500 crore.Transfer of these assets to the NSIL will further provide the desired financial autonomy to the company to realise capital intensive programmes/ projects and thereby offering huge employment potential and technology spin-off to other sectors of the economy. This approval is expected to trigger domestic economic activity in the space sector and increase India's share in the global space market.The Space Sector reforms mandated NSIL to undertake end-to-end commercial space activities and function as a full-fledged satellite operator. The NSIL functioning as a single-window operator will also facilitate the ease of doing business in the space sector.The NSIL Board will now be empowered to price the transponders as per the market dynamics and global trends in the Satellite Communication sector. The NSIL is also authorised to offer and allocate capacity as per its internal policies and guidelines.
--IANS ssb/pgh

(Disclaimer: This post has been auto published from IANS news agency without any modification to the text and has not been reviewed by editor)