Agencies & public sector
Antrix Corporation
ISRO's commercial arm since 1992, its revenue down to ₹165.1 crore in the year to March 2025, and still fighting Devas award enforcement in US and Dutch courts.
Antrix Corporation Limited is the commercial and marketing arm of the Indian Space Research Organisation, a wholly owned Government of India company under the administrative control of the Department of Space. It was incorporated on 28 September 1992 and carries the corporate identity number U85110KA1992GOI013570; the government awarded it Miniratna Category-I status in 2008. ISRO lists its remit as promoting and commercially exploiting space products, technical consultancy services and technologies developed by the agency, and as helping build space-related industrial capability in India. The service lines ISRO publishes for it cover transponder leasing, remote sensing data, launch services on PSLV and GSLV, supply of spacecraft hardware and subsystems, mission support and training. Sanjay Kumar Agarwal is listed as its Chairman-cum-Managing Director and Director (Finance).
Its commercial weight has fallen sharply. Between 2016 and 2019 the corporation launched 239 satellites and booked ₹6,289 crore in revenue; registry-derived filings compiled by The Company Check put revenue at ₹165.1 crore for the year ended March 2025, and Tracxn places the same year between ₹100 crore and ₹500 crore. NewSpace India Limited was incorporated on 6 March 2019 under the same department, and The Wire reported at the time that its role of transferring ISRO technology to industry was distinct from Antrix, which it described as solely involved in commercial launches of foreign satellites.
Antrix is known outside India mainly for the Devas dispute. On 28 January 2005 it agreed to lease space-segment capacity on S-band spacecraft to Devas Multimedia, covering transponders on the GSAT 6 and GSAT 6A satellites for ₹14 billion. ISRO insiders exposed the arrangement in late 2009 and the investigations that followed led to the deal being annulled; the Central Bureau of Investigation registered a case on 18 March 2015, and G. Madhavan Nair, ISRO chairperson when the agreement was signed, was barred from holding any post under the Department of Space. Antrix had terminated the agreement on 25 February 2011, after the government decided against allocating S-band orbital slots for commercial activities.
An ICC tribunal ruled unanimously on 14 September 2015 that the termination was a repudiatory breach and awarded Devas $562.5 million plus interest. Antrix then moved against Devas at home: the National Company Law Tribunal ordered the company wound up in proceedings Antrix started in 2021, the appellate tribunal and the Supreme Court of India upheld that order, and on 17 March 2023 a Delhi High Court division bench confirmed the setting aside of the award as tainted by fraud and contrary to public policy.
Foreign courts have not followed. On 5 June 2025 the United States Supreme Court ruled unanimously, in an opinion by Justice Alito, that the Foreign Sovereign Immunities Act requires no separate showing of minimum contacts, undoing the Ninth Circuit finding that had shielded Antrix from personal jurisdiction. The Hague Court of Appeal granted Devas Multimedia America leave to enforce the award in the Netherlands on 17 December 2024, and the Dutch Supreme Court dismissed Antrix's cassation challenge on 6 March 2026. On 12 August 2026 the Ninth Circuit held that personal jurisdiction over Antrix was constitutional, rejected forum non conveniens as a defence, and sent the case back to the district court to weigh enforcement of what is now reported as a $1.3 billion award.
What they build and operate
- Transponder lease service · Service · Operational
Leasing of satellite transponder capacity to customers, listed by ISRO among Antrix's service lines.[1][2] - Launch services · Service · Operational
Marketing of launches on the operational PSLV and GSLV vehicles to international customers; 239 satellites were launched commercially in the three years to 2019.[1][2] - Remote sensing data services · Service · Operational
Supply of remote sensing satellite data and derived products to customers outside India.[1][2] - Spacecraft and subsystems supply · Component · Operational
Supply of hardware and software ranging from simple subsystems to a complete spacecraft, for communications, earth observation and scientific missions, according to ISRO's own description of Antrix.[1] - Mission support and consultancy · Service · Operational
Mission support, ground infrastructure for space-based needs, technical consultancy and technology transfer to industry.[1][2]
Milestones
- 28 September 1992
Incorporated as a wholly owned Government of India company under the Department of Space.[1][2][3] - 28 January 2005
Agreed to lease S-band space-segment capacity on ISRO spacecraft to Devas Multimedia.[6][5] - 2008
Awarded Miniratna Category-I status by the government.[2] - 2009
ISRO insiders exposed the Devas agreement in late 2009 and the ensuing investigations led to the deal being annulled.[2] - 25 February 2011
Terminated the Devas agreement after the government decided against allocating S-band orbital slots for commercial activities.[6][5] - 18 March 2015
The Central Bureau of Investigation registered a case in the Antrix-Devas matter; G. Madhavan Nair was barred from holding any post under the Department of Space.[2] - 14 September 2015
An ICC tribunal ruled unanimously that Antrix had breached the Devas agreement and awarded Devas $562.5 million plus interest.[5][7][6] - 06 March 2019
NewSpace India Limited was incorporated under the same department, adding a second commercial company alongside Antrix.[11][10] - 2021
Started winding-up proceedings against Devas before the National Company Law Tribunal, alleging fraud and unlawful purpose.[7] - 17 March 2023
A Delhi High Court division bench upheld the setting aside of the ICC award as vitiated by fraud and against public policy.[6] - 17 December 2024
The Hague Court of Appeal granted Devas Multimedia America leave to enforce the ICC award in the Netherlands.[7] - 05 June 2025
The United States Supreme Court ruled unanimously against Antrix on personal jurisdiction under the Foreign Sovereign Immunities Act.[5][9] - 06 March 2026
The Dutch Supreme Court dismissed Antrix's cassation challenge, leaving the Netherlands enforcement leave in place.[7][8] - 12 August 2026
The Ninth Circuit held jurisdiction over Antrix constitutional, rejected forum non conveniens and remanded the $1.3 billion enforcement action.[9]
Facilities
- Antrix Complex · New BEL Road, Bengaluru, Karnataka
Registered office and headquarters address published by ISRO.[1]
Leadership
- Sanjay Kumar Agarwal
Chairman-cum-Managing Director and Director (Finance) (as of 03 July 2026)[1][4]
Sources
ISROAntrix Corporation Limitedisro.gov.in
WikipediaAntrix Corporationen.wikipedia.org
The Company CheckAntrix Corporation Limited - FY 2026 Profilethecompanycheck.com
TracxnANTRIX CORPORATION LIMITED - 2026 Company Profile & Financialstracxn.com
Cornell Legal Information InstituteCC/Devas (Mauritius) Ltd. v. Antrix Corp. Ltd.law.cornell.edu
SCC Online[Antrix-Devas Deal] Delhi High Court upholds decision of setting aside ICC Award of $562.5 million on the ground of fraudscconline.com
Aceris LawDevas v. Antrix: Dutch Enforcement and the Limits of Seat-Based Annulmentacerislaw.com
LexisNexisDutch Supreme Court upholds enforcement of Devas US$1.3bn ICC award despite Indian liquidation and set-aside rulingslexisnexis.com
FreshfieldsDevas v. Antrix: Ninth Circuit Rejects Forum Non Conveniens and Applies Fuld v. PLO Reasonableness Factors in $1.3B Arbitral Award Enforcementfreshfields.com
The Wire ScienceNew Private Firm to Aid Commercial Transfer of ISRO Technologyscience.thewire.in
WikipediaNewSpace India Limiteden.wikipedia.org
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