The launch is scheduled at 02:08 am (IST) on Friday, ISRO said on its Facebook page.
The satellite with a lift-off mass of 3181.6 kg will be carrying C-band and Ku-band transponders to further augment communication services across - VSAT (very small aperture terminal) services, TV services and emergency communications in the country.
The spacecraft would be joined by its co-passenger DIRECTV-14, which was built by SSL (Space Systems/Loral) for operator DIRECTV to provide direct-to-home television broadcasts across US.
Arianespace on its website said, "Arianespace's sixth heavy-lift mission of 2014 has been given the go-ahead for Thursday's (Friday in India) liftoff from the Spaceport on a dual-passenger Ariane 5 flight carrying the DIRECTV-14 and GSAT-16 satellites."
After GSAT-16's injection into Geosynchronous Transfer Orbit (GTO), ISRO's Master Control Facility (MCF) at Hassan takes control of the satellite and performs the initial orbit raising manoeuvres using the satellite's on-board Liquid Apogee Motor (LAM), finally placing it in the vicinity of circular Geostationary Orbit.
After this, the deployment of appendages such as the solar panels, antennas and three axis stabilisation of the satellite will be performed. GSAT-16 will be positioned at 55 deg East longitude in the Geostationary orbit and co-located with GSAT-8, IRNSS-1A and IRNSS-1B satellites.
GSAT-16 will replace INSAT-3E, which expired a little prematurely in April.