KOCHI (PTI): ISRO Chairman S Somanath has said the Indian space industry is offering a tremendous opportunity to the private sector in the country as a new area of growth and development.

He said the union government envisages the space sector in the country to become a 9 to10 billion dollar industry in the next 5-10 years from the current levels of 2 billion dollars.

Somanath was speaking after unveiling the carbon reduction initiative of SFO Technologies, the flagship company of the NeST Group, in a function here on Saturday, a company release said.

He also said that 400 private sector companies have benefited from the technology developed by ISRO for its various missions.

Companies like SFO Technologies are well positioned to take further advantage of the new policy initiatives in the space sector by the government of India.

"The Indian space industry is offering a tremendous opportunity for the private sector in the country as a new area of growth and development," the ISRO chief added.

Besides planting a sapling at the NeST Hitek Park to mark the occasion, Somanath also unveiled a replica of Chandrayaan at the campus highlighting the cooperation of SFO Technologies and ISRO.

He interacted with the NeST engineers and management team later.

The Carbon Reduction initiative of the NeST Group is in tune with the United Nations' objective of achieving a 50 percent reduction by 2035 and zero emissions by 2040, the release said.

SFO Technologies has close association with ISRO for many years, it said adding that the two have worked in multiple programmes such as the RF sub-systems for Chandrayaan and Aditya Missions, manufacturing of Antenna Systems, and Cryogenic Engine Control Systems for launch vehicles.

NeST Group Chairman N Jehangir said discussions are on with ISRO for various projects including the ambitious 'Gaganyaan' mission, aiming to carry human beings to the space for the first time.

SFO Technologies and NeST Group are committed to protecting the environment and reducing carbon emissions, said Althaf Jehangir, CEO and Executive Director, SFO Technologies, Hardware and Manufacturing.

He also said that they have signed agreements with multiple partners to create a model of being a socially responsible organisation by minimising carbon pollution.

Nazneen Jehangir, CEO and Executive Director, Nest Digital, also spoke on the occasion, the release added.