The Indian Space Research Organisation (ISRO) is looking to create a consortium of companies to build and market a small rocket to launch low-weight satellites at cheaper costs and for shorter duration to be in the global markets' league, The Economic Times reported.

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The commercial arm of the space agency, Antrix Corporation, will lead the consortium, which will include the engineering major Larsen & Toubro, Godrej Aerospace and Hindustan Aeronautics Ltd.

The companies will help the space agency to build a small rocket capable of carrying 500 kg satellites into the lower earth orbit.

"Antrix is working on a model to involve industry from the beginning. Our aim is that one or two rockets will be launched by Isro, the industry should then make the rockets and launch satellites,” K Sivan, ISRO chairman, told the paper in an interview on Thursday, adding that the companies mentioned are all interested.

Sivan has pegged the price of the satellite launch on the small rocket to be one-fifth of the current launch costs and the first launch is expected in early 2019.

First Published:May 4, 2018 11:38 AM IST