Japan's Space One rocket explodes after lift-off

Cabinet approves Rs 1,000 crore VC fund to propel space sector, boost employment New Delhi, Oct 24 (IANS) The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved the setting up of a Rs 1,000 crore venture capital (VC) fund dedicated to the growing space sector. The deployment period of the proposed VC fund, under the aegis of IN-SPACe, is planned to be up to five years from the actual date of the start of the fund operations. The proposed fund is expected to boost employment in the Indian space sector by supporting startups across the entire space supply chain. The average deployment amount could be Rs 150-250 crore per year, depending on the investment opportunities and fund requirements, said the Cabinet. According to the government, the indicative range of investment is proposed to be Rs 10-Rs 60 crore, depending upon the stage of the company, its growth trajectory, and its potential impact on national space capabilities. Indicative equity investment range could be at Rs 10 crore-Rs 30 crore for the growth stage and at Rs 30 crore-Rs 60 crore for the late growth stage.

Tokyo: The inaugural rocket launch of Japanese company Space One failed on Wednesday as the Kairos rocket exploded seconds after lifting off, marking the first attempt from the country’s private sector to put a satellite into orbit.

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Indo-Asian News Service | Posted by Neha Khan | Published: 13th March 2024 10:01 am IST

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Japan’s Space One rocket explodes after lift-off

Shortly after 11:00 a.m. local time (0200 GMT) at the launch site in Wakayama Prefecture