India and Japan have signed an MoU on 12th December, 2015 on cooperation and assistance in the Mumbai - Ahmedabad High Speed Rail Project (referred by many as Bullet Train project).
The two countries have also entered into two comprehensive technological cooperation agreements on 11th December 2015, for modernization and upgradation of Indian Railways.
These agreements have been signed during the official visit to India of His Excellency Mr. Shinzo Abe, the Prime Minister of Japan, during December 11 - 13, 2015.
The details of cooperation envisaged in the three Memorandums are as follows:
1) MoU between India and Japan on cooperation and assistance in the Mumbai - Ahmedabad HSR Project
India and Japan have signed an MoU on 12th December, 2015 on cooperation and assistance in the Mumbai - Ahmedabad High Speed Rail Project (referred by many as Bullet Train project). Japan has offered an assistance of over Rs.79,000 crore for the project. The loan is for a period of 50 years with a moratorium of 15 years, at an interest rate of 0.1 per cent.
The project is a 508 Kilometer railway line costing a total of Rs. 97,636 crore, to be implemented in a period of seven years. It has been agreed that Shinkansen Technology will be adopted for the project. The cooperation of Japan will be fixed on transfer of technology and "Make in India". Japan will assist India in training of personnel for HSR.
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