NewSpace India Limited, that was registered by Department of Space(DoS) as the new commercial arm of ISRO back in March, was officially inaugurated in Bengaluru on Thursday by ISRO's honorary advisor Dr K Kasturirangan along with chairman Dr K Sivan.

Acoording to a report of Business Standard, it was registered to commercialize the activities of ISRO in the space with an authorised share capital of Rs 100 crore and initial paid up capital of Rs 10 crore, and also to develop private enterpreneurism in the sphere of space technologies.

NSIL will also be at the helm of producing Small Satellite Launch Vehicle ( SSLV) and Polar Satellite Launch Vehicle (PSLV) to cater to the increasing SSLV market demand, including the supply of various sub-systems for worldwide applications and will enable space technology spin-offs through Indian industry interface.

NSIL would soon conduct a workshop with industry in Bangalore, whose main objective would to build a viable working correlation between ISRO and the industry.