(MENAFN) Japan will construct India's massive USD8.11 billion high-speed rail project between Mumbai and Ahmedabad, clinching the huge project from China, according to the latest reports.
The bullet train accident in China four years ago along with low-cost finance and a promise to have a substantial 'Make in India' component and transfer of technology had Japan win the contract.
Japan had undertaken the feasibility study for the 500-km Mumbai-Ahmedabad corridor well before China entered the fray offering to do the Chennai-Delhi route that could cost over USD20 billion.
Up to 80 percent of the components could be built in India, plus Japan has offered technical support and was willing to drive the local manufacturing and technology transfer initiative within a specified period.
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