The first of the three Krivak class frigates will be received five years after the signing of the contract and the other two after every six months from then, Defence Minister Pranab Mukherjee told reporters after the meeting of the Cabinet Committee on Security (CCS) that gave the approval.
The cost of the 'Talwar' class frigates will be Rs 5114 crore (1145.4 million dollars), while Rs 400 crore will be spent on certain equipment required for them.
The Indian Navy already has three such Russian frigates purchased in 1996 to balance the declining force levels.
Mr Mukherjee said the CCS also approved purchase of 28 sea-launched land attack cruise missiles from Russia at a cost of 192 million dollars (Rs 844.56 crore).
These would be fitted on six of the 10 submarines purchased from Russia.
Of these six, two will be fitted with the cruise missiles in Russia, with one already been done, while the the other four with the missiles will be fitted in India.
UNI YJ VD BD1448