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Navigating new horizons: Changes to foreign investment regulations in the Indian space sector

20 Mar 2024

Trilegal advised on the US$100 million drawdown by Muthoot Finance banner

The Indian government has liberalised the policy framework for foreign investments in the space sector, by permitting investments through the automatic route for certain activities subject to specified thresholds. This development, aimed at attracting and easing investments into this fastgrowing sector, is yet to come into effect.

Partners: Delano Furtado, Nikhil Narendran Counsel: Rahul Mishra, Senior Associates: Krati Hashwani, Rohit Beerapalli, Associate: Aakarsh Kumar

1. Background

On 4 March 2024, the Indian government issued Press Note 1 of 2024 (Press Note) liberalising foreign investments in the space sector. The Press Note amends India’s Consolidated Foreign Direct Investment Policy (FDI Policy) and will take effect once amendments to Schedule I of the Foreign Exchange Management Act (Non-Debt Instrument) Rules, 2019 (NDI Rules) are notified.

In this update, we discuss key changes introduced through the Press Note to the existing FDI framework in the space sector and its implications on global players currently doing business in India or those planning to set up operations in India.

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