Hindustan Aeronautics Limited (HAL) and L&T consortium has emerged as the lowest bidder to make 5 Polar Space Launch Vehicles (PSLVs) for ISRO.
"The company is the lead partner with L&T sharing the work. Other vendors too will be involved with the consortium in the manufacturing of the launch vehicles (LVs). However, the contract is yet to be formalised/ awarded," HAL said in a statement.
This will be the first time that the industry will build a LV and will pave the way for commercialisation of other LVs, including the small satellite launch vehicle.
"ISRO's commercial arm, NewSpace India Limited (NSIL) had floated a request for proposal for the said work in December, 2020," HAL added.
The first rocket is expected to be realised sometime during the second half of 2024 and the balance four rockets will be delivered during 2025 and 2026 at two rockets per year.
This is the first time in the ISRO's history that an entire rocket, including the heatshield, is to be made outside of the space agency.
Meanwhile NSIL has issued an 'Interest Explanatory Note' to transfer ISRO's technology for making the small satellite - India Mini Satellite-1 (IMS-1) Bus. The company has received about 10-15 responses for the same.
The stock of HAL rose 3 per cent intraday on April 11 to a 52-week high of Rs 1,669.
The company reported a total income of Rs 6088.66 crore during the quarter ended December 31, 2021, as compared to Rs 5688.54 crore during the quarter ended September 30, 2021.
(With agency inputs)
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