The government has floated National High Speed Rail Corporation with a paid up capital of Rs 200 crore to implement the bullet train project.
The Pangariya-led high-level team consisting of top bureaucrats from Department of Economic Affairs, Department of Industrial Policy and Promotion, and External Affairs has left for Japan yesterday, said a senior Railway Ministry official.
The high-level team will also discuss the finalisation of the general consultant for the Rs 98,000 crore flagship project with senior Japanese officials including the special Advisor to Japanese PM Hiroto Izumi on May 16 in Tokyo.
The general consultant oversees the project design and other related issues involved with the high speed train.
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The mega project is being financed by the Japan International Cooperation Agency (JICA), which is providing a loan of about Rs 79,380 crore, which amounts to 81 per cent of the total project cost.
India will get the latest version of the Sinkansen, the Japanese bullet train, to cover the 508 km distance between Mumbai-Ahmedabad in 2.07 hours at more than 300 km per hour speed.
Currently, the fastest train between the two metropolis takes about 7 hours.