March 6, Coimbatore 2025 – Larsen & Toubro (L&T), one of India’s leading engineering and defense firms, is making significant strides in the aerospace sector as the country opens its space industry to private players. With a strong focus on launch vehicle and satellite manufacturing, L&T is playing a crucial role in India’s ambition to become a major global space player.
L&T’s Precision Engineering and Systems unit recorded revenue of ₹46.10 billion ($548.3 million) in the 2024 fiscal year, marking an impressive 41% increase compared to the previous year. This growth underscores the company’s expanding presence in high-tech sectors such as defense and space technology.
Private PSLV Production and Satellite Manufacturing
L&T is assembling India’s first privately built Polar Satellite Launch Vehicle (PSLV) at its state-of-the-art Coimbatore facility in Tamil Nadu, in collaboration with Hindustan Aeronautics Limited (HAL). The PSLV, known for its reliability, has been a workhorse for ISRO in launching satellites into orbit. This marks a historic shift in India’s space program, as a private entity takes over production of one of the country’s most successful launch vehicles.
Apart from PSLV production, L&T is also involved in manufacturing critical components for deep-space exploration missions led by the Indian Space Research Organisation (ISRO). The company’s aerospace unit has been contributing to moon and Mars missions, including Chandrayaan and Gaganyaan projects.
India’s Growing Private Space Sector
India’s space industry is currently valued at $13 billion, but it is projected to expand significantly to $44 billion over the next decade, according to a February 2025 report by research firm DAM Capital. The global launch vehicle market, in which India seeks a larger share, is expected to reach $160 billion during the same period.
This rapid growth is driven by a government push to increase private participation, regulatory reforms, and incentives for foreign investments. By allowing companies like L&T to take on rocket and satellite production, India is positioning itself as a competitive alternative to global players like SpaceX, Blue Origin, and Arianespace.
First Private PSLV Launch Expected Mid-2025
The first privately built PSLV booster, originally slated for launch in early 2025, is now expected by mid-year, though a final date is yet to be confirmed. Each PSLV booster comes at a cost of approximately $30 million, and multiple units are currently under production at L&T’s facilities.
As L&T deepens its investment in aerospace, it is also looking at commercial satellite manufacturing, including small satellite deployment solutions to meet the rising demand from global clients.
L&T’s Role in India’s Space Future
L&T’s aerospace expansion aligns with India’s broader vision of becoming a leading hub for space manufacturing and satellite launches. The company’s growing role in launch vehicle production, satellite manufacturing, and deep-space exploration places it at the forefront of India’s push for privatization in the space sector.
With strong government backing and increasing global demand for cost-effective space solutions, L&T is well-positioned to emerge as a key player in the new era of India’s space exploration.
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