INDIA'S SPACE agency plans to double its revenues to $120 million (€85.5 million) a year by increasing satellite launches to claim a bigger chunk of the global space business.

Last April, India sent 10 satellites into orbit from a single rocket, signalling its intention to expand into that business. It dispatched its first unmanned moon mission last October to join the Asian space race in the footsteps of rival China.

The Indian Space Research Organisation (ISRO) has signed a Memorandum of Understanding (MoU) with 26 countries on launching satellites and joint research, including France, Russia, Germany, Italy and Brazil.

"We are opening up our market further, and by next March we are looking at $120 million worth of business," said G Madhavan Nair, ISRO chairman.

"A mega European launcher has been delayed, so we will have more customers from Europe now," Nair said.

- Reuters