New Space India Limited (NSIL), the private arm of ISRO, recently collaborated with ISRO to host a stakeholder conference focused on the production of India's most substantial and potent rocket, the Launch Vehicle Mark 3 (LVM3). This initiative falls under the highly successful private-public partnership (PPP) model, with ISRO sharing both risks and investments. The goal is to encourage the industry to manufacture more LVM3 rockets over an extended period. The conference, held in Bengaluru on January 16, 2024, witnessed participation from over 70 representatives of 30 companies. ISRO, recognising an unmet demand in the global launch services market, aims to capitalise on this opportunity.

The current configurations of LVM3 can transport up to four tonnes to Geosynchronous Transfer Orbit (GTO) and eight tonnes to Low Earth Orbit (LEO). This undertaking aligns with the space reforms introduced by the Government of India in 2020. ISRO's objective is to empower private industries to engage in the comprehensive manufacturing of the launch vehicles it has developed. A pilot program, involving a consortium formed by Hindustan Aeronautics Limited (HAL) and Larsen & Toubro, produced five Polar Satellite Launch Vehicles (PSLV). This strategic move enables private partners to evolve from mere suppliers or vendors of subsystems to becoming system integrators.

To compete effectively in the expanding global market and secure a larger share in commercial launches, ISRO must increase its launch frequency. This can only be achieved if a sufficient number of rockets are available. A forward-looking assessment of the next decade indicates a substantial demand for launching communication satellites to GTO and for satellite megaconstellations to LEO. ISRO has enlisted the support of IIFCL Projects Limited, a wholly-owned subsidiary of the Indian Infrastructure Finance Company Limited (IIFCL), a Government of India enterprise. The goal is to explore potential partnerships with private industries in India for the manufacturing of the LVM3, thereby enhancing ISRO's global competitiveness and market presence.