In 2024, the first fully industry-built Polar Satellite Launch Vehicle (PSLV) is set to be delivered by a consortium of Hindustan Aeronautics Limited (HAL) and Larsen & Toubro (L&T). This significant development marks the first instance where an entire PSLV rocket, including its heat shield, will be manufactured outside of the Indian Space Research Organisation (ISRO).

The HAL-L&T consortium was awarded a contract worth approximately ₹860 crore by NewSpace India Limited (NSIL) to produce five PSLV rockets. The consortium emerged as the lowest bidder among three contenders.

The first PSLV rocket is expected to be completed within 24 months from the contract award date, which means it should be ready by mid-2024. Following this, additional rockets will be delivered at intervals of six months.

The production will utilize ISRO's existing facilities under a Government Owned, Contractor Operated (GOCO) model. Currently, about 80% of the mechanical systems and 60% of the electronic systems for the PSLV are sourced from the industry, but the remaining components are complex and will now be handled by HAL and L&T.

The production of the PSLV will be managed by a consortium led by Hindustan Aeronautics Limited (HAL) and Larsen & Toubro (L&T). This consortium has been tasked with manufacturing five PSLV rockets under the guidance of NewSpace India Limited (NSIL), which is the nodal agency overseeing this project.

The consortium will leverage existing facilities of the Indian Space Research Organisation (ISRO) under a Government Owned, Contractor Operated (GOCO) model. This approach is expected to streamline the production process and ensure high-quality standards.

Currently, India's share of the global space economy is less than 2%, valued at approximately $447 billion. The involvement of the private sector in building the PSLV is seen as a crucial step towards driving growth in this sector.

(With Inputs From Agencies)