"The first experimental flight of the GSLV Mark III will take place one year from now," K Radhakrishnan, Chairman, Indian Space Research Organisation told the Annual General Meeting of the Confederation of Indian Industry here.
The new rocket, which can put a four tonne satellite in orbit, will help Antrix Corporation, ISRO's commercial arm, to offer cheapest space launches in the niche market.
The regular GSLV can put 2.2 tonne satellites in orbit.
The GSLV Mark III will enable ISRO launch heavier satellites, an activity for which it has to turn to foreign launch vehicles like Arianspace, based in Kourou in French Guiana.
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GSLV Mark III is designed to be a three-stage 42.4 m tall vehicle, with a lift off weight of 630 tonnes.
First stage comprises two identical S200 Large Solid Booster with 200 tonne solid propellant, that are strapped on to the second stage, the L110 re-startable liquid stage.
The third stage is the cryogenic upper stage loaded with 25 tonnes of propellant.
The large payload fairing measures five meters in diameter and can accommodate a payload volume of 100 cubic meters.