Mumbai-Ahmedabad Bullet Train Project Will Be Executed by Indian Railways Formed SPV [ Current Affairs ]
To implement the Mumbai-Ahmedabad High Speed Bullet Train project Indian Railways has formed a new Special Purpose Vehicle (SPV). And the entity has been named the National High Speed Rail Corporation (NHSRC) Limited.
- The high speed bullet rain project is mean to present trains which will run at operating speeds over 320 kilometers per hour and maximum speed of 350 kilometers per hour.
- The bullet train project will cover the 5O8 kilometers between Mumbai (Maharashtra) and Ahmedabad (Gujarat) in about 2 hours, currently which takes seven hours to cover the same distance.
- Indian Railways will have 50 % equity in the SPV, and Maharashtra and Gujarat governments are also expected to participate in the equity.
- The project will completed within seven years after the awarding of the contract at an estimated to cost 97, 636 crore rupees.
- Japan has permitted 81 % of the funding for this project will by loan.
- This is soft loan with mellowness of 50 years with 0.1 % annual interest for 15 years moratorium period.
- Published on: March 9, 2016