News Karnataka
Monday, April 22 2024
Cricket
India

Railways to invest Rs.9,800 crore on Mumbai-Ahmedabad bullet train

Photo Credit :

Mumbai: Indian Railways announced on Sunday it will invest Rs.9,800 crore in the bullet train project along the Mumbai-Ahmedabad corridor.

The train, that would run at speeds of 300-350 kmph, would be mostly funded by the Japan Investment Co-operation Agency (JICA) which would provide 81 percent of the investment as loan at an interest rate of 0.1 percent, Railway Board chairman A.K.Mittal told reporters here on the sidelines of the ongoing Make In India Week event.

The loan will be spread over 50 years and will have a moratorium of 15 years, he added.

Besides, 20 percent of the components will be sourced from Japan, but will be manufactured in India.

Mittal also said that the railway board has identified the Bandra-Kurla complex as the location for railway station in Mumbai.

“The station will be constructed three levels underground and hence will not hinder the financial centre that is being planned in the same area. In fact, a high-speed rail will improve the valuation of the land,” he said.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp