Indian Railways has formed a new Special Purpose Vehicle, SPV to implement the Mumbai-Ahmedabad High Speed Bullet Train project. The entity has been named the National High Speed Rail Corporation Limited. The project aims to introduce trains running at speeds over 300 kilometers per hour. <br/><br/>Maharashtra and Gujarat governments are expected to participate in the equity for the SPV, while the Railways will have 50 per cent. A senior Railway Ministry official told PTI that the project will take about seven years to complete after the awarding of the contract. <br/><br/>The project is estimated to cost 97,636 crore rupees. 81 per cent of the funding will come by way of a loan from Japan.<br/><br/>The bullet train is expected to cover the 5O8 kilometers between Mumbai and Ahmedabad in about two hours, running at operating speed of 320 kilometers per hour. Currently, Duronto takes about seven hours to cover the same distance.