British airline magnate Richard Branson on Monday announced plans to launch commercial space flights.

Speaking to reporters in central London, Branson said, Virgin Galactic would be ready to launch its maiden flights in about three years time and added that he would be among the very first batch of passengers.

The world's first private spaceship

Stating that he would send "thousands" of fee-paying astronauts into orbit in the next five years, Branson said by 2009 "Virgin Galactic will have created over 3,000 new astronauts from many countries"

Branson further informed that he has signed a technology licensing deal with SpaceShipOne, which in June created history by becoming the world's first commercial manned space vehicle.

"We plan to construct launch pads for commercial space travel in a number of countries over the next few years."

Virgin signed a $25-million agreement with Mojave Aerospace Ventures, which owns the technology behind SpaceShipOne.