New Delhi, Nov. 26 -- India's first privately built polar satellite launch vehicle (PSLV) is expected to have its maiden commercial flight before the end of the financial year, marking a giant leap in the country's ambition to foster a private space economy.

Three years ago, the Indian Space Research Organisation (Isro) contracted out the manufacture of the PSLV, which it has developed and flown for decades. A joint venture between state-run aerospace firm Hindustan Aeronautics Ltd and conglomerate Larsen & Toubro Ltd, which will build five such rockets, is now nearly ready with the first in the series.

"We've worked with Isro for a long time, and this is an opportunity for us to showcase what we can do in terms of core space products. ...