India space marekt opens further, eyes $120 mln/year business

Last April, India sent 10 satellites into orbit from a single rocket, signalling its intention to expand into that business. It also dispatched its first unmanned moon mission last October to join the Asian space race in the footsteps of rival China.

ISRO has signed a Memorandum of Understanding (MoU) with 26 countries for launching satellites and joint research work, including Russia, France, Germany and Italy, along with South Africa and Brazil.

"We are opening up our market further and by next March we are looking at $120 million worth business," G. Madhavan Nair, chairman of the Indian Space Research Organisation (ISRO) told Reuters in an interview on Friday.

"A mega European launcher has been delayed, so we will have more customers from Europe now," Nair said by telephone from the ISRO headquarters in Bangalore.

ISRO is also building a low-cost powerful satellite vehicle - GSLV Mark 3, which will help the agency double its capacity of sending payloads from 2.5 tonnes at the moment and would also reduce operational costs by 30 percent.