Railways forms Special Purpose Vehicle to execute bullet train project

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New Delhi : Gearing up to introduce trains that run at speeds of more than 300kmph, the railways have formed a new Special Purpose Vehicle (SPV) to implement the Mumbai-Ahmedabad High Speed Bullet Train project.
The entity has been named the National High Speed Rail Corporation Limited.
The bullet train is expected to cover the 508km between Mumbai and Ahmedabad in about two hours, running at a maximum speed of 350kmph and operating speed of 320kmph.
Currently, Duronto takes about seven hours to cover the distance between the two financial centres of the country.

Estimated to cost about Rs 97,636 crore, 81 per cent of the funding for the project would come by way of a loan from Japan. The project cost includes possible cost escalation, interest during construction and import duties.

It is a soft loan for 50 years at 0.1 per cent annual interest with 15 years' moratorium period, said a senior Railway Ministry official.

source:The Economic Times

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