Seoul, May 7 (TIWN) South Korea's first fully homegrown space rocket is on track for its scheduled launch later this year, the chief of the country's space research institute said on Thursday.

Korea Aerospace Research Institute (KARI) President Lee Sang-ryool said the 200-ton three-stage rocket, named Nuri, is currently being assembled without a glitch in the process.  South Korea has been seeking to develop a homegrown space launch vehicle since 2010, earmarking nearly 2 trillion won ($1.79 billion).