New Delhi: Larsen & Toubro (L&T) is increasing its investment in aerospace, focusing on satellite and rocket manufacturing amid India’s push to boost private participation in the space sector.
India’s Growing Private Space Industry
India is opening its space industry to private firms, reducing reliance on imports and state-run enterprises. As part of this shift, L&T is assembling the country’s first privately built Polar Satellite Launch Vehicle (PSLV) at its Coimbatore facility in collaboration with Hindustan Aeronautics Limited (HAL). The move aligns with the government’s strategy to position India as a global space hub, similar to commercial space developments in the US and Europe.
L&T’s Aerospace Strategy
L&T sees aerospace as a key growth area. The company’s Precision Engineering and Systems unit recorded Rs 46.10 billion ($548.3 million) in revenue in the 2024 fiscal year, marking a 41% increase from the previous year.
Senior Vice President A.T. Ramchandani emphasized L&T’s experience in high-tech manufacturing and scaling up production, which the company aims to leverage in aerospace. The company is also involved in building equipment for the Indian Space Research Organisation’s (ISRO) deep space missions.
Private PSLV Launch Timeline
The first privately built PSLV launch, originally scheduled for early 2025, is now expected by mid-year, though a final date has not been confirmed. Each rocket costs approximately $30 million.
The global launch vehicle market is projected to reach $160 billion over the next decade. L&T aims to compete internationally by offering cost-effective and reliable launch services, particularly as satellite constellations expand. The company’s focus is on meeting global demand for timely launches, which could strengthen India’s position in the commercial space sector.