A high-level delegation led by NITI Aayog vice-charman Arvind Pangariya has gone to Japan to discuss a way forward for realisation of bullet train between Mumbai and Ahmedabad.
The government has floated National High Speed Rail Corporation (NHSRC) with a paid up capital of Rs 200 crore to implement the project.
The Pangariya-led team consisting of top bureaucrats from department of economic affairs, department of industrial policy and promotion, and external affairs left for Japan on Friday, said a railway ministry official.
The Indian team will explore the possibilities of participation of Japanese companies in the project under the ‘Make in India’ initiative.
The 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.
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% of the total project cost.
Japan has given the soft loan at an interest of 0.1%, with a tenure of 50 years and a moratorium of 15 years.
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.