Bullet Train Project Ministry of Railways have formed a new Special Purpose Vehicle (SPV) named National High Speed Rail Corporation Limited to implement the project of Mumbai-Ahmedabad High Speed Bullet Train . The salient features of Project are: ? Total length of corridor 508 kms . ? Maximum design speed of 350 kmph and operating speed of 320 kmph. ? In 2023, approximately 13 million passengers per annum. ? The total journey time of a fast train will be 2.07 hrs. ? Total Project cost is estimated to be ? 97,636 crore (including price escalation, Interest During Construction (IDC) and import duties) - 81% of the project cost funded by Government of Japan loan for 50 years at 0.1% per annual interest with 15 years moratorium periods. State Governments of Maharashtra and Gujarat have been requested to participate in the equity of the SPV which will implement the project. (Ministry of Railways 50% equity, and balance contributed by State Governments of Maharashtra and Gujarat) Government of Japan has agreed to provide loan covering approximately 81% of total project cost at 0.1% per annum interest for 50 years with 15 years moratorium. For timely completion of project, a Joint Committee has been formed under Vice Chairman of NITI Aayog with Secretary Department of Industrial Policy & Promotion (DIPP), Secretary Department of Economic Affairs, Foreign Secretary and Chairman Railway Board as members to monitor the project. This information was given by the Minister of State for Railways Shri Manoj Sinha in a written reply to a question in Lok Sabha on 24.02.2016 (Wednesday).
