They are already building 7 follow on Shivaliks aka Project 17a. They will apparently cost $750 Million a pop!. With that and the corvettes and kolkata class destroyers, and follow on project 15b, I think Indian shipyards have their plate full.
By 'they' you mean Indian I guess. Four will be constructed by Mazgaon Dock Ltd in Mumbai and three by Garden Reach Shipbuilders & Engineers in Kolkata.
And you're spot on with the cost. But these are far more expensive than the Talwar Class frigs or even the Shivaliks because Lockheed Martin and Hyundai Heavy Industries have jointly responded to the Project 17A combat systems Request for Information (RFI) issued by Indian Navy.
They have offered the Aegis Combat System to be included in its Project 17A frigate proposal.
Roger Rose, head of Lockheed martin, India said that the
Indian Navy is buying the world’s most advanced shipboard Weapons System, the Aegis Combat System (ACS) for Project 17A. The US Navy has briefed the Indian Navy on the capabilities of the world's premier area air defense combat system. Other Asia Pacific navies operating Aegis systems are Japan, South Korea and Australia.
Lockheed Martin and Hyundai Heavy Industries had included the Aegis CMS concept when answering the Project 17A RFI.
For those who want to know about the Aegis Combat System....
Aegis Combat System
USS John S. McCain (DDG-56) Aegis large screen displays
The Aegis Combat System (ACS) is an advanced command and control (command and decision, or C&D, in Aegis parlance), and weapon control system (WCS) that uses powerful computers and radars to track and guide weapons to destroy enemy targets.
The ACS is composed of the Aegis Weapon System (AWS), the fast-reaction component of the Aegis Anti-Aircraft Warfare (AAW) capability, along with the Phalanx Close In Weapon System (CIWS), the Mark 41 Vertical Launch System. AWS, the heart of Aegis, comprises the AN/SPY-1 Radar, MK 99 Fire Control System, WCS, the Command and Decision Suite, and SM-2 Standard Missile family of weapons; these include the basic RIM-66 Standard, the RIM-67 extended range missile, and the newer RIM-161 designed to counter ballistic missile threats. A further SM-2 based weapon, the RIM-174 Standard ERAM is currently in testing, and may be integrated into the system in the near future.
The Aegis Combat System is controlled by an advanced, automatic detect-and-track, multi-function three-dimensional passive electronically scanned array radar, the AN/SPY-1. Known as "the Shield of the Fleet", the SPY high-powered (6 megawatt) radar is able to perform search, tracking, and missile guidance functions simultaneously with a track capacity of well over 100 targets at more than 100 nautical miles (190 km).
More, for those interested...
AEGIS Combat System