L&T Precision Engineering eyes supply chain role for the next US space station: VP Vikas Khita

L&T Precision Engineering and Systems, a subsidiary of the largest engineering firm in India, Larson and Toubro Ltd., is now eyeing a supply chain role in the next US space station, reported the news agency PTI, quoting the company's Vice President, Vikas Khita, on Sunday, October 6.

Khita expects that Indian companies will play a role in the supply chain for the next space station, as per the report.

“Some remnants of that discussion continue till today but now with NASA. So, we are also hopeful that when the US requires its next space station, Indian firms will have a role to play in the supply chain,” Vikas Khita, vice president at L&T Precision Engineering and Systems, told the news agency.

Larsen and Toubro shares closed 0.23 per cent lower at ₹3,490.75 after Friday's trading session, compared to ₹3,498.80 at the previous market close.

The executive also said that the company is interested to build space ports, space parks, and manufacture clusters and areas which are expected to get a boost considering the government's open-up of the space industry for private players in 2020, according to the agency citing Khita.

“In commercial terms, we are looking at a fivefold increase in turnover by 2033 of the space economy and a large part of this increase is to come from the upstream and the downstream sectors,” said Khita, reported the agency.

L&T's space industry involvement

L&T was previously in discussions with Jeff Bezos' Blue Origin for supply of orbital launch capabilities and space habitat solutions but the negotiations ran into some difficulties, as per the agency report.

L&T is involved in the production of hardware for every Indian Space Research Organisation (ISRO) project, including Chandrayaan, Gaganyaan, and Mars Orbiter missions, as per the report.

According to the report, Hindustan Aeronautics Limited (HAL), in collaboration with the L&T consortium, is producing five Polar Satellite Launch Vehicles (PSLV), marking the industry's maiden foray into building rockets for the space agency.

L&T Precision Engineering and Systems has also shown interest in the Small Satellite Launch Vehicle (SSLV), as ISRO is all set to transfer the technology of the newly developed rocket to the private sector, according to the report.

India is poised to play a significant role in the future space economy, aiming to capture nearly 8 per cent of the global market by 2033. The global space market is estimated to be worth nearly $1.8 trillion by 2035, according to the agency report.

The Indian space economy is also estimated to grow to $44 billion, from its current value of nearly $8.4 billion by 2033, as per the report.