Cabinet approves transfer of 10 in-orbit communication satellites to NSIL

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the transfer of 10 in-orbit communication satellites from Government of India to NewSpace India Ltd. (NSIL), a wholly owned Public Sector Enterprise of the government under the administrative control of the Department of Space.The Union Cabinet has also approved increasing the authorised share capital of NSIL from Rs 1,000 crore to Rs 7,500 crore, read a statement.It further stated that the transfer of these assets to NSIL will "provide the desired financial autonomy to the company to realize 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 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. NSIL functioning as a single-window operator will also facilitate the ease of doing business in space sector, the statement added.NSIL Board will now be empowered to price the transponders as per the market dynamics and global trends in the Satellite Communication sector. Also, it is authorised to offer and allocate capacity as per its internal policies and guidelines.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.