Government of India is ready to gift yet another huge scale project related to Metro Railway. The two financial cities of the country will gets its first Bullet Train and the best part is some portion will pass through under the Sea. People tighten your seat belts as Mumbai – Ahmedabad gets its first under water rail line.
The total cost of Bullet train project is estimated as 97,636 crores INR out of which 81% of the fund will be taken from Japan. The distance between two cities is 508 km which will be covered in 2 hours with the help of high speed rail corridor. 21 km of rail line will pass through under the Arabian Sea making the journey quite thrilling.
According to Senior Officials of Railway Ministry, The funding raised from Japan will be returned in the form of soft loan having a tenure of 50 years at 0.1% annual interest along with 15 years of moratorium.
Most part of the proposed rail line corridor will have support of an elevated track where as under water rail line will start from Virar, stretched from Thane, in Mumbai. The complete mater comes from a detailed project report provided by JICA. It is also estimated that construction stock as well as equipment for signalling and power lights will be taken from the raised fund which is being given by Japan.
There are chances that the documentations regarding loan granting and fund raising is almost in its completion stage. As per reports documentation will be finalized along with signed petition by the end of this year. After the sanction of loan, bullet train project will begin from the end of 2018.
Government of India, Ministry of Railways have formed National High Speed Rail Corporation Limited (NHSRCL) which includes Special Purpose Vehicle (SPV) with an estimated cost of 500 crores INR. Being the first ever project of first of its kind, the government is thinking of forming a search committee which would include senior government officials like Cabinet Secretary, Chairman Railway Board and Secretary DOPT. The main motive of the team would be appointing a Managing Director and 5 Directors for NHSRCL.
Railway department has sanctioned amount of 200 crores INR for the construction of SPV. Maharashtra and Gujarat will own 25% of equity each and central government will hold 50% of equity, respectively. The 508 km distance between Mumbai and Ahmedabad will be covered within 2 hours duration with running speed of maximum 350 kmph and operating speed of 320 kmph.Till date, only Duronto Express comes under speed trains which covers the distance between two financial cities in 7 hours.
A joint committee has been formed of Vice Chairman of NITI Aayog and Secretaries of Department of Industrial Policy and Promotion (DIPP), Department of Economic Affairs, Foreign Minstry and Railway Board Chairman for the quick completion of the rail line project.