Union Budget 2019, presented by the Finance Minister, Nirmala Sitharaman, incorporates a new space PSU. It will be called New Space India Limited (NSIL) and would function as the commercial arm of ISRO. NSIL is most likely to replace Antrix Corporation as the functionalities overlap each other.
The new entity would be responsible for marketing of space products, transfers of technology and arranging commercial space launches with ISRO.
These functions are currently performed by Antrix Corporation, a fully-owned government company which functions under the administrative control of the Department of Space. Though the Finance Minister did not mention it, the new entity, New Space India Limited, is likely to replace Antrix Corporation and not be an additional entity.
Antrix Corporation has earlier come under trouble due to its strongly overlapping management structure with ISRO.