NEW DELLHI: The Union Cabinet on Thursday approved setting up of a third launch pad at ISRO's Satish Dhawan Space Centre at Sriharikota at a cost of Rs 3,985 crore, Union minister Ashwini Vaishnaw said.

This project envisages the establishment of the launch infrastructure at Sriharikota, Andhra Pradesh for the 'Next Generation Launch Vehicles' of ISRO and also to support as standby launch pad for the second launch pad at Sriharikota.

This will also enhance the launch capacity for future Indian human spaceflight missions, the government said in a statement.

The third launch pad is designed to have configuration that is as universal and adaptable as possible that can support not only NGLV but also the LVM3 vehicles with semicryogenic stage as well as scaled up configurations of NGLV.

It will be realised with maximum industry participation fully utilising ISRO's experience in establishing the earlier launch pads and maximally sharing the existing launch complex facilities.

The third launch pad is targeted to be established within a duration of four years, the statement said.