India To Build 60+LVM-3 Rockets With Private Sector Support; First Space Unicorn On The Horizon: Pawan Goenka

India is ready to build more than 60 LVM-3 (Launch Vehicle MArk-3) rockets in collaboration with the private sector, also marking a significant boost to its space ambitions the country will have its first space unicorn soon, said Pawan Goenka, Chairman of IN-SPACe

The Indian Space Research Organisation (ISRO) is set to transfer technology, design, and manufacturing rights of Small Satellite Launch Vehicles (SSLVs) to private players, marking a significant milestone in India's space privatisation efforts, said IN-SPACe Chairman Pawan Goenka on Wednesday.

“In SATCOM, private sector's involvement has been virtually nonexistent. Currently, India relies entirely on NSIL (New Space India Limited), ISRO, and foreign service providers for satellite communication. A major breakthrough has occurred where a private company has been authorised to use ISRO frequency to launch a SATCOM satellite”, he added.

In another key announcement, Goenka said, “Another milestone is the SSL (Small Satellite Launch Vehicle) technology transfer. After extensive deliberation, three companies were shortlisted, and we are in the final stages of selecting two. This is a historic move— for the first time, a space agency is transferring complete technology, including design and production rights to private-sector companies.”

“Once finalised, ISRO itself will no longer manufacture these rockets. The selected private firms will be the sole producers in India,” he said.

This move marks a transformative shift in the country's space industry, he claimed.

He was speaking at the FICCI, Bharat Space Conclave 2025 where he also highlighted that international outreach has also seen remarkable progress.

“Private Indian companies have signed over 50 Memorandums of Understanding (MOUs) with foreign entities for various collaborations. Significant partnerships are emerging, particularly in Australia, Italy, and Japan. Last month, a large Indian delegation visited Singapore for the International Astronautical Congress (IAC), marking the first time 75 Indian representatives attended the event— a milestone for India's global space engagement,” as per Goenka

“One of India's most underutilised strengths is the deep expertise of its vendor ecosystem, developed over six decades of ISRO-led space initiatives. These vendors possess world-class capabilities, yet their full potential in the global market remains untapped”, the INSPACe Chairman said.

Bharat Space Conclave 2025 organised by FICCI is dedicated to exploring and advancing India's self-reliance in the space sector.

India’s quest for ‘Viksit Bharat’ completely relies on the country's ability to curtail import dependency and strengthen domestic production in every sector. India is leading in the space sector with multiple accomplishments; Chandrayaan 3 Lunar Mission, Aditya-L1 Solar Mission, Space Docking Experiment (SpaDeX).

According to the government data, Space StartUps have also increased from 1 in 2022 to nearly 200 in 2024, witnessing an unprecedented rise of 200 times in these years. In the year 2023 alone, nearly Rs 1000 crore was invested in the space sector of India in just about eight months.