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SRIHARIKOTA (AP): In a bid to encourage more private partners enter the space industry, Indian Space Research Organisation (ISRO) is working on a business model to join hands with both public and private Indian industries.

"We are looking at a possible model for investment, technology sharing and responsibility with private and public industries in the field of space. The response from the industries so far is positive. But, we will take another three or four years to finalise the model," ISRO chairman K Radhakrishnan told reporters here.

Addressing journalists after the successful launch of IRNSS 1B, the second of the seven satellite Indian Regional Navigation Satellite System (IRNSS) from Satish Dhawan Space Centre here, he said the model would be finalised in such a way that it would work for the country.

ISRO was hoping for better participation of private industries in the space industry, he said.

Over 60 missions including satellites and rockets were being planned in the 12th five year plan period.