Chennai (Tamil Nadu) [India], March 16 (ANI): The Tamil Nadu government has bought an equity stake in private space company AgniKul Cosmos, marking a step in supporting deep-tech innovation and the growing space ecosystem in the state.

In an official statement, the company said it was honoured to receive the investment from the Tamil Nadu State Government through the Tamil Nadu Industrial Development Corporation (TIDCO).

'Humbled and honoured to have received an equity investment from the TN State Govt. through @TIDCO_1965. This is a strong sign that the TN state Govt. is fully on-board for supporting original technology developed in this ecosystem,' the company said.

The firm also thanked the state leadership for backing the deep-tech sector.

'Thanks to the visionary leadership of our Hon'ble CM @mkstalin and Hon'ble Industries Minister @TRBRajaa - we are seeing investments in the deep tech sector happening directly through the Government. @StartupTN @Guidance_TN - thank you for your guidance and mentorship in this process,' the company added.

AgniKul Cosmos is an Indian private aerospace manufacturer based in Chennai and was founded in 2017. The company was incubated at IIT Madras and focuses on designing and launching small-lift launch vehicles for micro and nano satellites.

According to the company, it designs and manufactures orbital-class launch vehicles. With expertise spanning engineering, manufacturing and software, the firm works to design, develop and deliver solutions that make space more accessible.

The company stated that it believes space transportation should be mission-focused and fully customisable to meet the unique needs of every mission.

The private space sector is growing rapidly in India. Recently in an official response in parliament, the central government's Department of Space said that the total number of private companies that have provided their capabilities on the IN-SPACe Digital Platform (IDP) for various space activities is approximately 1050.

The Indian Space Policy 2023 enables and permits private entities to carry out end-to-end space activities, including undertaking launches, satellite realisation and operations, data acquisition and dissemination, and ground station services.

The government has also been promoting private participation in the sector through various initiatives. Till now, a total of Rs 2.36 Cr has been dispersed under the IN-SPACe Seed Fund and Preincubation Entrepreneurship Program.

IN-SPACe's Decadal Vision Report outlines a 10-year roadmap aimed at expanding India's space economy from 8.4 Bn USD in 2022 to 44 Bn USD by 2033, including USD 11 billion in exports.

The space economy is also being catalysed through efforts focused on demand generation, international collaboration and promoting a space culture to expand markets, encourage customer adoption and enable the industry to scale services and exports. (ANI)