(MENAFN- KNN India) New Delhi, Mar 8 (KNN) Larsen & Toubro (L&T), India's leading infrastructure and defence conglomerate, is expanding its footprint in the aerospace sector, focusing on launch vehicle and satellite manufacturing.

This move aligns with India's efforts to reduce dependency on imports and increase private participation in the space industry.

L&T, the largest private-sector defense manufacturer in India by revenue, reported a significant 41 per cent increase in revenue for its Precision Engineering and Systems unit, reaching 46.10 billion rupees (USD 548.3 million) in the 2024 fiscal year.

At its Coimbatore facility in Tamil Nadu, L&T is spearheading the assembly of India's first privately built Polar Satellite Launch Vehicle (PSLV) through a consortium with Hindustan Aeronautics Limited.

Additionally, it is contributing to Indian Space Research Organisation's (ISRO) deep-space exploration missions by manufacturing critical equipment.

With India's privatization drive easing foreign investment limits and shifting procurement budgets towards private enterprises, L&T aims to scale up its space business.

AT Ramchandani, Senior Vice President and Head of L&T's Precision Engineering and Systems, emphasised the company's extensive experience in high-tech manufacturing and critical systems, making aerospace a natural extension of its capabilities.

The global launch vehicle market is expected to reach USD 160 billion over the next decade, while India aims to grow its commercial space sector to USD 44 billion, up from the current USD 13 billion.

The first launch of a privately built PSLV, initially scheduled for early 2025, is now expected by mid-year, with each rocket costing approximately USD 30 million.

L&T's ambitions align with India's broader strategy to emerge as a global space power. The government's liberalised regulations have created opportunities for private firms to design, build, and operate launch services, fostering an ecosystem similar to the commercial space boom in the U.S. and Europe.

Ramchandani emphasised that India could compete internationally by offering reliable, cost-effective launches to meet growing satellite constellation demands.

(KNN Bureau)

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