Phootgraph courtesy: Wikimedia Commons

Phootgraph courtesy: Wikimedia Commons

Indian Railways announced on Sunday it will invest Rs.9,800 crore in the bullet train project along the Mumbai-Ahmedabad corridor. Also Read - Unlock 1 in Haryana: Faridabad to Follow Existing Guidelines For Now, New Directions Tomorrow

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. Also Read - Star Sports Brings The Best of IPL Rivalries This June

The loan will be spread over 50 years and will have a moratorium of 15 years, he added. Also Read - Going by Centre’s Guidelines, Bihar Extends Coronavirus Lockdown Till June 30

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.

photograph used for representation purposes only