Started in late 2008, the COEP satellite project revolves around the challenging prospect of building a picosatellite destined to orbit the Earth at an height of 400-700 km. With a total weight of 1 kg and an approximate volume to 1000 cc, the cube shaped satellite demands an innovative approach at every design phase, from screening of components in order to fit the stringent mass budget to selection of suitable electronic devices which honor the mere 2 W of power produced by the solar panels. Being a low cost satellite and conforming to the constraints on both volume and electrical power, the team has devised an ingenious passive stabilization system which employees a pair of hysteresis rods and a magnet to stabilize the satellite thus eliminating the need to use bulky and power hungry magnetorquer. The satellite houses a payload capable of half duplex communication over the HAM frequency band which enables it to receive, store and transmit messages from one corner of the globe to the other. The project is largely student driven involving students from all aspects of engineering, thus showcasing itself as a truly interdisciplinary project, a fact highly acknowledged by ISRO. The team can proudly state that all design work was done by the students from ground up with periodic assistance from the college faculty. Having completed the Preliminary Design Review in September 2010 the team has now entered the integration phase which focuses on putting together the first prototype model of the satellite. Owing to the untiring efforts put into the project by the students, the team was invited to attend the Small Satellite Systems Conference in Banglore in April 2010. The satellite initiative has given rise to many auxiliary projects like the Hardware in loop simulation system, Helmholtz cage capable of producing magnetic field independent of the Earths magnetic field and a ground station capable to tracking satellites. Acting as a platform which enables the students to empirically test their knowledge has always been the corner stone of this project. Right from its inception the team has been strongly supported by the college on all fronts, providing valuable infrastructure including complete access to the FabLab and a strong funding to keep the project alive. The team is all geared up for the Critical Design Review with ISRO which will signal the beginning of the long anticipated MOU phase.