New Delhi, Jun 27 (PTI) The ISRO has formed the NewSpace India Limited (NSIL), a public sector undertaking (PSU) that will commercially exploit the research and development work of the space agency, co-produce PSLV and launch satellites through SSLVs, the government said on Thursday.

The functions of NSIL will involve small satellite technology transfer to industry, manufacture of Small Satellite Launch Vehicle (SSLV) -- a product which is being developed by the ISRO -- in collaboration with the private sector and productionisation of Polar Satellite Launch Vehicle (PSLV) through Indian industry.

The new company will also look after the productionisation and marketing of space-based products and services, including launch and application, developed by ISRO centres and the constituent units of the Department of Space and marketing spin-off technologies and products and services both in India and abroad.

Minister of State in the Prime Minister's Office Jitendra Singh shared this information in a written response to a question in the Rajya Sabha.

"NSIL would enable Indian Industries to scale up high-technology manufacturing and production base for meeting the growing needs of Indian space programme and would further spur the growth of Indian industries in the space sector," he said.

Antrix Ltd is another PSU under the Department of Space that acts as an commercial arm of the ISRO.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)