NEW DELHI, Sept. 3 (Xinhua) -- India aims to launch five satellites a year in an apparent bid to compete for the 2.5-billion-dollar heavy satellite launch business, a news report said Monday.

"We want to capture five to 10 percent of the market (mid-range satellite segment of 2,000 kg and plus) in the next five years," the Hindu quoted Indian Space Research Organization (ISRO) chairman G Madhavan Nair as saying.

His comments came as India sent into orbit a 49-meter rocket carrying the Insat-4CR satellite from the Sriharikota space station in its south.

Two Polar Satellite Launch Vehicles (PSLVs) will blast off this year, and another Geosynchronous Satellite Launch Vehicle (GSLV) next year, he said.

"We are getting enquiries from foreign customers," he said.

Indian satellites have been used for years for weather forecast, especially for the country's farmers, but the South Asian nation has recently moved toward commercial exploitation of space technology.