The South Asian Satellite will be launched into the orbit soon, said Indian High Commissioner Harsh Vardhan Shringla.

“The satellite is already developed with a cost of US$ 400 million and is ready to send in orbit anytime,” Shringla said after Bangladesh and India signed a deal over the use one of the eight transponders of the satellite.

READ MORE: Dhaka, Delhi to sign satellite deal today

Shringla and Shahjahan Mahmood, chairman of Bangladesh Telecommunication Regulatory Commission (BTRC), signed the agreement this afternoon.

Indian High Commissioner Harsh Vardhan Shringla and BTRC Chairman Shahjahan Mahmood signed the agreement on behalf of their respective sides.

READ ALSO: Bangabandhu satellite may be ready before time

State Minister for Foreign Affairs Shahriar Alam was present at the signing ceremony.

“This is indeed a historic event and it shows the friendship between the two countries,” said BTRC Chairman Shahjahan Mahmood.

He also said that Bangladesh will be benefited from the agreement as it would be able to use one out of the 12 transponders of the six-nation satellite.

Banglabndhu-1 satellite will be set up in the orbit somewhere on Indonesia while the South Asian Satellite will be setup on Afghanistan, he said.

However, Bangladesh will have to set up an earth station in the country with its own funding, he added.