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One man's penalty is another's payday

Antrix stuck with $1-billion payout, but India’s busy building a Newspace

Antrix, the commercial arm of ISRO, could be buried in penalties any day now due to its scrapped deal with Devas Multimedia. But even before the time of death can be called, the Indian government has created a possible replacement. Newspace India Ltd

09/04/19

Seema Singh

On 6 March, the Department of Space (DOS) set up a new public sector space company. The Cabinet, chaired by PM Narendra Modi, gave the approval on Feb 19

 

DOS already has a public sector company, Antrix Corp, with similar ownership. Why create a parallel company?

 

Is this new company, Newspace India Ltd, a safety net as Antrix and GoI face at least $1.5 billion in liability payout in the Devas case?

 

Of the three lost arbitration cases, the second damage award could be announced any day now. Is there a chance that Antrix may get liquidated?

antrix-lead_2-copy-1920x1080.jpg

Elections rouse emotions. Especially one where 900 million people will vote to elect their leaders this month. That, to an extent, explains the timing and the ensuing chest-thumping after India demonstrated its ability to destroy targets in space by shooting down one of its own satellites late last month. It, however, doesn’t explain this under-the-radar…

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