New Delhi: Government of India is going to launch the first high speed train of India between Mumbai to Ahmedabad in 2017. Railway has stepped up ground work for starting construction work of the Rs 98,000 crore project in 2017.
The Railway Ministry said that Our aim is to start the work as early as possible. It would take about seven years to complete the first high speed train after the awarding of the contract for the project. A lot of new technologies would be used to construct the high-speed corridor between Mumbai and Ahmedabad. The Railway Ministry has officially involved in the Bullet Train Project.
The Government formed the Special Purpose Vehicle(SPV) to implement the Mumbai-Ahmedabad high speed Bullet Train project. The SPV is meeting tomorrow to finalise the technical details include the standardization of construction of tunneling, pillars, fencing and the other requirement for the mega project.
The Special Purpose Vehicle has been named as National High Speed Rail Corporation Limited. It comprises Senior Railway officials and the national transporter is in the process of appointing CEO for the job.
Railway will have 50% equity in the SPV, while Maharashtra and Gujarat will have 25% equity each.
At present, Duronto Express takes about seven hours to cover the distance between the two financial centres Mumbai and Ahmedabad.
Estimated cost of Bullet Train Project about Rs 97,636 crore, 81 per cent of the funding for the Bullet Train Project will come by way of a loan from Japan. The project cost includes possible cost escalation, interest during construction and import duties.
Railway Ministry Officials said that It is a soft loan for the 50 years at 0.1 per cent annual interest with 15 years’ moratorium.