One of India’s leading engineering companies, Larsen and Toubro has expressed interest in pursuing the global market, eyeing the International Space Station as its next endeavor especially after powering ISRO's space flights for over 50 years.

L&T was already in discussions with Jeff Bezos' Blue Origin to supply orbital launch capabilities and space dwelling systems.

“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, L&T Precision Engineering and Systems.

During the industry gathering at the Geospatial World, Khita revealed that the company was additionally looking to develop space ports, space parks, and manufacturing clusters—areas that are anticipated to see growth in light of the government's 2020 announcement that the space sector will be opened to the private sector.

“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,” he said.

L&T is already known for having produced a variety of hardware for each and every ISRO project, including the Chandrayaan, Gaganyaan, and Mars Orbiter missions.

Additionally, the industry is developing rockets for the space agency for the first time with the production of five Polar Satellite Launch Vehicles (PSLV) by the Hindustan Aeronautics Limited-L&T collaboration.

It is also understood that the engineering firm expressed interest in the Small Satellite Launch Vehicle (SSLV), given that ISRO intends to transfer the technology of the recently produced rocket to the commercial sector.

With plans to take almost 8% of the global market by 2033, India is expected to be a major player in the space economy. By, the value of the global space sector is expected to reach over $ 1.8 trillion.

By 2033, it is anticipated that India's space industry will have grown from its present estimated value of USD 8.4 billion to USD 44 billion.