The Cabinet Committee on Security, at a meeting chaired by Prime Minister Manmohan Singh on Tuesday evening, approved the proposal to grant administrative and financial sanction for building units 3&4 at Kudankulam site, officials said.
Sources said the estimated cost of building the two plants has been pegged at Rs. 20 crore per megawatt.
The CCS nod paves the way for signing of the general framework agreement (GFA) between NPCIL and Russian suppliers of nuclear equipment.
The GFA will spell out the terms and conditions for building the two 1,000 MW VVER-type reactors at Kudankulam.
Last year, Indian and Russia had signed a protocol for funding two new units at Kudankulam.
As per the protocol, Russia will extend an export credit of $3.400 billion to Russian organisations to help build the units at four per cent interest.
The Kudankulam project is part of a comprehensive Inter-governmental agreement (IGA) signed between India and the erstwhile USSR in 1988 for cooperation in areas of peaceful uses of atomic energy.
A fresh IGA was signed between India and the Russian Federation in December 2008 which provided for construction of four more nuclear power units at Kudankulam.
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