The union cabinet Thursday approved an advanced facility at Satish Dhawan Space Centre at Sriharikota at a cost of Rs.363.95 crore, said an official statement.
According to the statement, the second vehicle assembly building - intended to provide enhanced launch frequency of PSLV and GSLV satellites - at the space centre will have a foreign exchange component of Rs.7 crore.
It will also act as a prime integration facility for third launch pad and future general launch vehicles.
The SVAB is targeted for realization within 42 months.