On Monday, Indra’s board of directors approved the establishment of Indra Espacio SL, a move aimed at boosting its aerospace business to achieve a turnover of 1 billion euros by 2030, as outlined in the company’s new strategic plan.
As communicated to the National Securities Market Commission (CNMV), Indra has decided to segregate the assets and liabilities pertaining to this area of activity into the new subsidiary. According to the documentation associated with the project, Indra Espacio starts with a net worth of 28 million euros, a figure derived from the difference between assets worth 54.8 million and liabilities of 26.8 million. “The segregation is configured as a first phase within the ultimate goal of the Company to create an entity that, among other aspects, will consolidate the activities in the space business domain in the coming years,” states the company in the communication sent to the regulator. This entity will integrate four lines of activity: control, space observation and tracking; navigation; Earth observation; and design and construction of satellite constellations. Its establishment will need to be ratified at the shareholder meeting.
In the project’s descriptive documentation, Indra justifies the need to transfer its aerospace business to a company fully dedicated to it because it will allow it to operate with “greater independence from the rest of Indra’s business units”, in addition to having “greater efficiency in the management, control, and monitoring of space business activity”, a “greater promotion of the specialization of this business area”, and finally, a “better positioning in front of clients”.
The aerospace activity will be one of the cornerstones of the strategic plan devised by Indra for the period 2024-2030. During its presentation, the company’s leaders announced the creation of a new company to consolidate its activity in this area and reach a turnover of 1 billion in 2030.
“Our intention is for Spain to have a company that controls the value chain of the space business,” said its CEO, José Vicente de los Mozos, who also confirmed the group’s interest in growing in this sector through acquisitions. Hispasat, owned by Redeia since 2019, is among the potential acquisitions confirmed by Indra’s leaders. “It is among the possibilities, of course,” said De los Mozos, who also pointed to other possibilities such as Satellogic, Sener, or Thales’ space business. These would be integrated into the new Indra Espacio, with which the group, in which SEPI has a 28% stake, could also access European programs in the sector.
