Mumbai, January 15, 2006 (PTI)

Betting high on its cost effective and proven launch vehicle technology, Indian Space Research Organisation (ISRO) is planning to enter into launch vehicle business and aiming a 10 per cent market share over the next five years.

"We are going to carry a European satellite on board of Polar Satellite Launch Vehicle (PSLV) this year. That will give a turnover of USD 10 million," ISRO Chairman G Madhavan Nair told PTI here.

ISRO has announced recently the country's first fully commercial satellite launch in April or May by carrying an Italian satellite Agile on top of PSLV C-3.

According to industry estimates, the launch vehicle technology market is valued at about USD two billion globally.

"We hope to get one or two launches per year... I will consider it as a better entry into the market," he said.

ISRO plans to become self-sufficient in this sector after the scheduled launch of its GSLV Mk III in 2008, which is capable of carrying heavier satellites upto four tonnes.

"It will be a great opportunity for us if we can capture at least 10 per cent in the launch business in the next five years," Nair said.

ISRO had signed an agreement with the Russian space agency in December, 2005 to launch two of its satellites for its global navigational system, Glonas. The space agency will also be launching an Indonesian micro-satellite this year.

"We are in the process of holding discussions with some people. We decided to go ahead with this business," he said.

ISRO has successfully launched eight PSLVs and three GSLV in the last ten years.