New Delhi: Space regulator IN-SPACe has announced that it is offering a full transfer of technology of the Polar Satellite Launch Vehicle (PSLV) to the Indian private industry.

In a statement, the Indian National Space Promotion and Authorisation Centre (IN-SPACe) said the opportunity is aimed at capable Indian industries that have handled multi-disciplinary turn-key projects, and are keen on assimilating PSLV's technology and offering commercial launch services to compete in the global medium-lift satellite launch market.

"To ensure seamless technology absorption, infrastructural and hand-holding support will be provided by ISRO for a 'defined period' of 30 months or until realisation and launch of two PSLV vehicles by the selected party, whichever is earlier," IN-SPACe said.

It also said that the technology transfer is restricted only to private Indian entities on certain terms and conditions.

One of them is that "the respondent (the company seeking transfer of technology) or at least one of the consortium members, if any, should have experience in the domain of space/aerospace for a period of not less than five years".

Another condition is that the respondent's annual turnover for any three years of the last five years should be greater than Rs 400 crore, or the valuation of the entity must be at least Rs 1,000 crore.