L&T Expands Aerospace Operations Amid India's Growing Private Space Industry
Larsen & Toubro (L&T) is expanding its presence in the aerospace sector, focusing on launch vehicle and satellite manufacturing as India encourages private participation in space activities, according to a report by Reuters. The company's Precision Engineering and Systems unit reported revenue of ₹46.10 billion ($548.3 million) in the 2024 fiscal year, marking a 41% increase from the previous year.
At its Coimbatore facility in Tamil Nadu, L&T is assembling the first privately built Polar Satellite Launch Vehicle (PSLV) in collaboration with Hindustan Aeronautics Limited. The company is also involved in manufacturing components for deep space exploration programs led by the Indian Space Research Organisation (ISRO).
According to the Reuters report, India's space sector, currently valued at $13 billion, is projected to grow to $44 billion over the next decade, according to a February report by research firm DAM Capital. The global launch vehicle market is expected to reach approximately $160 billion during the same period.
The first launch of a privately built PSLV booster, originally scheduled for early 2025, is now anticipated by mid-year, though a specific date has not been finalized. Each booster costs around $30 million, and multiple units are currently in production at L&T’s facility.
L&T’s aerospace expansion aligns with India’s broader efforts to increase private sector participation in space activities through regulatory reforms and foreign investment incentives.