To revolutionize Indian Railways, India and Japan today signed historic Memorandum of Understanding to introduce High Speed Rail (HRS) on Mumbai Ahmedabad sector through Japan's Shinkansen Technology. <br/><br/>The MoU was signed in presence of Prime Minister Narendra Modi and visiting Japanese Prime Minister Shinzo Abe in New Delhi. Under the agreement, Japan will extend highly concessional loan of 12 billion dollars and technical assistance on easy terms. The loan is for a period of 50 years with a 15 years moratorium with the interest rate at 0.1 per cent. <br/><br/>The project is a 508 Kilometer line costing a total of 97,636 crores rupees and it is to be implemented in seven years. The cooperation of Japan on this project will also be fixed on transfer of technology and Make in India. Japan will assist India in training of personnel for High Speed Rail. <br/><br/>The two countries will further explore strengthening of this partnership to transform India's transport sector. Railways modernisation and expansion plan will open up commercial opportunities for Japanese companies in high speed rail, station redevelopment and rolling stock manufacturing.