SupremeSAT inks US $ 215 mn deal for SUPREMESAT-2

Shirajiv Sirimane

Taking yet another giant step forward in the Sri Lanka’s space journey, SupremeSAT, South Asia’s only private sector Satellite ownership company,entered into a US $ 215 million contact in China to launch Sri Lanka’s first ever satellite, “SUPREMESAT-2”

The US $ 215 million contract was signed with the China Great Wall Industry Corporation, offering the design, manufacture and launching tasks of “SupremeSAT-2” to the company.

Chairman R. M. Manivannan speaking to Daily News Business from China said that they signed an ‘In Orbit Delivery Contract” for “SupremeSAT-2” which would be their fully owned satellite. The US $ 215 million was raised from a combination of EXIM financing and supplier credit further supported by pre-launch sales contracts. Asked if they could have a ROI by investing US$ 215 million, he said that they were confident of reaping economical gains from this. “Yes, there are risks. Those risks are there in every country. Instead of focusing on the risks, SupremeSAT focuses on the broader opportunities our country receives. It is such an investor friendly, business friendly nation. The country needs new sectors, industries and new businessmen to emerge and help face its economic challenges. That’s what precisely we are doing.”

The launch position was still being analyzed due to the complexity in coordination with the International Telecommunications Union and other adjacent satellite operators. “However, what I can confidently tell at this stage is that we have more than three orbital slots in offer and we will choose the best one based on our commercial/technical conclusions within the next 5-6 months.”

He said that mid 2016 is the scheduled launching target for “SupremeSAT-2.” By then SupremeSAT would be a regionally strong satellite company which would have proven to the world that Sri Lanka is capable of creating world class industries and corporate entities which will contribute immensely to the growth and success of the globe as a whole.

“It was a honour to have President Mahinda Rajapaksa and Chinese President Xi Jinping witness our contract signing. As a private company, today we have contributed positively to the bilateral relationship between our two countries. The fact that a Sri Lankan private company is investing such a large amount in China is a very unique feature,” he added.

Commenting on the status of “SupremeSAT-1” which was launched last year he said that it was a joint effort by them and Chinasatcom. It was a jointly owned satellite and was launched successfully by the “long march” launch vehicle in Xi-Chang, China. “That satellite by last week has successfully completed its “In Orbit Tests” and has been positioned in its desired “orbital slot”- 87.5 Degrees East.”

“SupremeSAT-1” was our first step. It was a pride to witness the Sri Lankan Lion Flag proudly reaching the space with the satellite. A task which looked totally impossible some time ago,” he added.